<SEC-DOCUMENT>0000949377-21-000050.txt : 20210301
<SEC-HEADER>0000949377-21-000050.hdr.sgml : 20210301
<ACCEPTANCE-DATETIME>20210301090932
ACCESSION NUMBER:		0000949377-21-000050
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		26
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210301
DATE AS OF CHANGE:		20210301
EFFECTIVENESS DATE:		20210301

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		21694339

	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-CSR
<SEQUENCE>1
<FILENAME>g74814_rvt-nsar.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
N-CSR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFIED
SHAREHOLDER REPORT </B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OF
</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTERED
MANAGEMENT INVESTMENT COMPANIES </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Company Act File Number: 811-04875</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of Registrant: Royce Value Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address
of Registrant: 745 Fifth Avenue&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10151</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; width: 40%; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    and address of agent for service:&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 20%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">John E. Denneen, Esquire&nbsp;</FONT></TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10151</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&rsquo;s
telephone number, including area code: (212) 508-4500&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of fiscal year end: December 31&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of reporting period: January 1, 2020 &ndash; December 31, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
1. Reports to Shareholders. </B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<CENTER>
<DIV STYLE="position: relative; left: 0px; top: 0; height: 900px; width: 700px">
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="img001_v1.jpg" ALT="">&nbsp;</P>


<p style='position:absolute;top:135px;left:100px;height:33.625px;width:402px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt; color: #4A8284"><B>Royce Closed-End Funds 2020 Annual</B></FONT></p>


<p style='position:absolute;top:175px;left:100px;height:33.625px;width:362px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">Review and Report to Stockholders</FONT></p>


<p style='position:absolute;top:200px;left:100px;height:33.625px;width:362px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt">December 31, 2020</FONT></p>

<p style='position:absolute;top:300px;left:100px;height:33.625px;width:362px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce Global Value Trust</FONT></FONT></p>


<p style='position:absolute;top:330px;left:100px;height:33.625px;width:362px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce Micro-Cap Trust</FONT></FONT></p>

<p style='position:absolute;top:360px;left:100px;height:33.625px;width:362px; text-align:left;padding: 0in 0.1in 0in 0.1in;'>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce Value Trust</FONT></FONT></p>

<p style='position:absolute;top:650px;left:40px;height:33.625px;width:600px; text-align:justify;padding: 0in 0.1in 0in 0.1in;'>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></p>

</div>
</CENTER>


<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<P STYLE="margin: 0"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif">A Few Words on Closed-End Funds</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Royce
Investment Partners manages three closed-end funds: Royce Global Value Trust, which invests primarily in companies with headquarters
outside of the United States; Royce Micro-Cap Trust, which invests primarily in micro-cap securities; and Royce Value Trust, which
invests primarily in small-cap securities. </B>A closed-end fund is an investment company whose shares are listed and traded on
a stock exchange. Like all investment companies, including open-end mutual funds, the assets of a closed-end fund are professionally
managed in accordance with the investment objectives and policies approved by the fund&rsquo;s Board of Directors. A closed-end
fund raises cash for investment by issuing a fixed number of shares through initial and other public offerings that may include
shelf offerings and periodic rights offerings. Proceeds from the offerings are invested in an actively managed portfolio of securities.
Investors wanting to buy or sell shares of a publicly traded closed-end fund after the offerings must do so on a stock exchange,
as with any publicly traded stock. Shares of closed-end funds frequently trade at a discount to their net asset value. This is in
contrast to open-end mutual funds, which sell and redeem their shares at net asset value on a continuous basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A
Closed-End Fund Can Offer Several Distinct Advantages </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         closed-end fund does not issue redeemable securities or offer its securities on a continuous
                                         basis, so it does not need to liquidate securities or hold uninvested assets to meet
                                         investor demands for cash redemptions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         a closed-end fund, not having to meet investor redemption requests or invest at inopportune
                                         times can be effective for value managers who attempt to buy stocks when prices are depressed
                                         and sell securities when prices are high.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         closed-end fund may invest in less liquid portfolio securities because it is not subject
                                         to potential stockholder redemption demands. This is potentially beneficial for Royce-managed
                                         closed-end funds, with significant investments in small- and micro-cap securities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fixed capital structure allows permanent leverage to be employed as a means to enhance
                                         capital appreciation potential.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
                                         Micro-Cap Trust and Royce Value Trust distribute capital gains, if any, on a quarterly
                                         basis. Each of these Funds has adopted a quarterly distribution policy for its common
                                         stock</FONT>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
believe that the closed-end fund structure can be an appropriate investment for a long-term investor who understands the benefits
of a more stable pool of capital.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Why
Dividend Reinvestment Is Important</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
very important component of an investor&rsquo;s total return comes from the reinvestment of distributions. By reinvesting distributions,
our investors can maintain an undiluted investment in a Fund. To get a fair idea of the impact of reinvested distributions, please
see the charts on pages 62 and 63. For additional information on the Funds&rsquo; Distribution Reinvestment and Cash Purchase
Options and the benefits for stockholders, please see page 64 or visit our website at www.royceinvest.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Managed
Distribution Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors of each of Royce Micro-Cap Trust and Royce Value Trust has authorized a managed distribution
policy (&ldquo;MDP&rdquo;). Under the MDP, Royce Micro-Cap Trust and Royce Value Trust pay quarterly distributions at an
annual rate of 7% of the average of the prior four quarter-end net asset values, with the fourth quarter being the greater of
these annualized rates or the distribution required by IRS regulations. With each distribution, the Fund will issue a notice
to its stockholders and an accompanying press release that provides detailed information regarding the amount and composition
of the distribution (including whether any portion of the distribution represents a return of capital) and other
information required by a Fund&rsquo;s MDP. You should not draw any conclusions about a Fund&rsquo;s investment performance
from the amount of distributions or from the terms of a Fund&rsquo;s MDP. A Fund&rsquo;s Board of Directors may amend or
terminate the MDP at any time without prior notice to stockholders; however, at this time there are no reasonably foreseeable
circumstances that might cause the termination of any of the MDPs.</FONT></P>
</DIV>
<BR CLEAR="ALL">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
page is not part of the 2020 Annual Report to Stockholders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Table
of Contents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Annual
    Review</B></FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a001_v1"><FONT STYLE="color: #336666"><B>Letter
    to Our Stockholders</B></FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a002_v1"><FONT STYLE="color: #336666"><B>Performance</B></FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Annual
    Report to Stockholders</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #336666"><B>Royce
    Global Value Trust</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a003_v1">Manager&rsquo;s
    Discussion of Fund Performance</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a004_v1">Schedule of Investments</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a005_v1">Other
    Financial Statements</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #336666"><B>Royce
    Micro-Cap Trust</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a006_v1">Managers&rsquo;
    Discussion of Fund Performance</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a007_v1">Schedule
    of Investments</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a008_v1">Other
    Financial Statements</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #336666"><B>Royce
    Value Trust</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a009_v1">Manager&rsquo;s
    Discussion of Fund Performance</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a010_v1">Schedule
    of Investments</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a011_v1">Other
    Financial Statements</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a012_v1"><FONT STYLE="color: #336666"><B>History
    Since Inception</B></FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a013_v1"><FONT STYLE="color: #336666"><B>Distribution
    Reinvestment and Cash Purchase Options</B></FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a014_v1"><FONT STYLE="color: #336666"><B>Directors
    and Officers</B></FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a015_v1"><FONT STYLE="color: #336666"><B>Notes
    to Performance and Other Important Information</B></FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="#a016_v1"><FONT STYLE="color: #336666"><B>Results
    of Stockholders Meeting</B></FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="img002_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
page is not part of the 2020 Annual Report to Stockholders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 22pt"><A NAME="a001_v1"></A>Letter
to Our Stockholders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><IMG SRC="img003_v1.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>2020&rsquo;S
MARKET: DICKENSIAN DAYS</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a year that saw so much sorrow met by equal amounts of quiet heroism, it seems almost fitting that the market was subject
to extremes of its own. For equity investors, particularly for those in small-cap stocks, the timing of these excesses
was fortuitous, going from the worst of times through February and March to the best in 2020&rsquo;s last three months.
After beginning the year with the largest ever quarterly loss in its more than 40-year history (-30.6%), the small-cap
Russell 2000 Index proceeded through two positive quarters before enjoying its best showing ever in the fourth quarter, when
it gained 31.4%. While we have witnessed many extremes and oddities in our nearly five decades of small cap investing, we
have never seen a year quite like 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to 2020, small cap had never experienced record-setting extremes in the same year during any decline and rebound period. The
speed with which the market crashed and recovered was truly extraordinary. Moreover, from its 3/18/20 low through the end of
December, the Russell 2000 rallied 101.3%, though deeper-than-average declines have</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">always been followed by steeper than
average recoveries. When all was said and done, the small-cap index rose a more than respectable 20.0% for the calendar
year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020
also saw the striking contrast of the public health crisis with the buoyant stock market, which left many wondering if
the market was detached from reality and therefore sure to fall. However, it&rsquo;s important to remember that the market
is forward looking and often sees past difficulties, even formidable ones, that it deems temporary. And as we have often
reminded investors, stocks are financial instruments. The level of support they receive from the Federal Reserve can often
impact valuations as much as, if not more than, current economic conditions. During the pandemic, the Fed took several
aggressively supportive steps to shore up the economy and financial system. These unprecedented efforts also led U.S. Treasury
yields to all-time lows while pushing stock valuations close to all-time highs. This explains why, when viewed through the lens
of 1% 10-year Treasury yields, small cap valuations in general look relatively reasonable to us&mdash;and thus may have
farther to climb.</FONT></P>

</DIV>
<BR CLEAR="ALL">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
    page is not part of the 2020 Annual Report to Stockholders</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LETTER
TO OUR STOCKHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Having
said that, we are also mindful that 2020 was a much better year for the markets than the economy or corporate profits,
and that 2021 may well be its mirror image. The triple-digit advance for the Russell 2000 off the March trough has assuredly
priced in much, though we think not all, of the improvement in profits many companies are likely to experience in 2021. To be
sure, the U.S. economy appears to be decidedly in coiled spring mode. Numerous comparisons have already been made to the
Roaring Twenties, when a wave of spending and other economic activity was spurred by the nearly coterminous ends of the flu
epidemic and World War I. As vaccinations continue to roll out, 2021 may see more positive headlines for the economy than we
do for the stock market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>THE
OLD CURIOSITY SHOP: WHERE ARE WE IN THE SMALL-CAP CYCLE?</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-time
readers will recall that we like to compare the current small cap market cycle to the patterns of the past to provide
some guidance about potential returns. A historical analysis of small-cap cycles also signals the likelihood of further small
cap advances. Going back to the Russell 2000&rsquo;s 1979</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">inception,
we looked at the 12 previous small-cap market cycles to get a sense of where we may be in the current one. We looked at the
returns from the peak of one cycle to the next. While we found considerable variance in these peak-to-peak performances, they
did cluster within a fairly narrow return range. The chart below shows the peak-to-peak returns for all 12 full market cycles
(as well as what the Russell 2000 gained in the current cycle through the end of 2020). The average return for the 12
peak-to-peak periods was 43.8%, with seven of those 12 periods enjoying returns in the range of 38-59%. Contrasting those
performances with the current small cap cycle&rsquo;s 17.3% return since the most recent index peak suggests to us that the
current small cap cycle has room to run&mdash;especially in a period of economic expansion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
contextualize our optimistic outlook, it is worth noting that we expect the pace of small-cap&rsquo;s advance to slow markedly.
Although the average first-year return for the 12 previous market troughs was 58.1%, the average return for the subsequent 12
months was 13.6% for the eight peak-to-peak periods that lasted two years or more&mdash;still a historically high result.</FONT></P>

</DIV>
<BR CLEAR="ALL">

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.65pt; text-align: justify; text-indent: -8.65pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.65pt; text-align: justify; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B>Russell
2000 Peak-to-Peak Returns for Market Cycles Following Drawdowns of 15% or More from 12/31/78-12/31/20</B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: Red"><IMG SRC="img004_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Gray 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Past
performance is no guarantee of future results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 97%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
    page is not part of the 2020 Annual Report to Stockholders </FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 2%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LETTER
    TO OUR STOCKHOLDERS</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #477B7C"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>A
TALE OF TWO ASSET CLASSES</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Small
caps pulled ahead of large caps in 2020&rsquo;s bullish fourth quarter after lagging by a wide margin through the first three.
We see this as a sustainable leadership shift. While small-cap valuations sit at the high end of their historical range, they
are nonetheless lower than average when compared with interest rates and notably less expensive than large caps. The chart below
uses one of our preferred valuation metrics&mdash;LTM EV/EBIT (the last 12 months earnings versus earnings before interest and
taxes, excluding companies with no earnings). This chart shows one crucial result of small cap&rsquo;s long-term underperformance
versus large caps: at the end of 2020, small caps were trading versus large caps at one of the cheapest relative valuations we
have seen in 20 years. You would need to go back to the 2000 Internet Bubble to find a wider valuation disparity between the two.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Russell
2000 vs. Russell 1000 Median LTM EV/EBIT<SUP>1</SUP> (ex. Negative EBIT Companies) from 12/31/00 to 12/31/20</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="img005_v1.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Gray 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP>Earnings
before interest and taxes.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Past
performance is no guarantee of future results.<BR>
Source: FactSet</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 307.5pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the long-running demand for stocks in the NASDAQ-100 Index, in particular the well-known FAAMG (Facebook, Apple, Amazon,
Microsoft, and Google) group, has led to an unprecedented level of market capitalization concentration. If investors reallocated
even a relatively small percentage of their assets out of these current favorites and into small cap, it would bring significant
buying power to the asset class. Along with the prospect of a rebounding global economy, these factors underpin our optimism.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
in addition to the relative valuation discount and the potential benefit from a rebalancing of investor interest, there is data
to support the case for small-cap superiority during periods of robust economic growth. Small caps are more sensitive to economic
cycles than large caps and thus often outperform their larger siblings in strengthening economies. We compared performance for
the Russell 2000 and Russell 1000 when nominal GDP growth was 5% or higher over the last 20 years and found that small caps beat
large caps 63% of the time in these periods&mdash;and did so by an average return margin of 4.4%. The current consensus for 2021
forecasts that nominal GDP growth will exceed 6%, which should be a supportive environment for small caps.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #477B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>GREAT
EXPECTATIONS FOR SMALL-CAP LEADERSHIP</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
small-caps do lead large caps, which areas look likely to lead within the small-cap universe? For some time, many market observers
have been expecting value stocks to take the leadership reins of small cap. Yet even as the Russell 2000 Value Index enjoyed a
highly impressive fourth quarter in 2020, edging past the Russell 2000 Growth Index (+33.4% versus +29.6%), it also trailed its
growth counterpart in calendar 2020 by one of the largest margins on record, up 4.6% versus 34.6%. 2020 marked the tenth of the
last 12 calendar years of growth&rsquo;s superiority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
we do see some signs that a change may be coming. The same robust economic conditions that tend to favor small caps also have historically
rewarded value. Specifically, when nominal GDP growth has exceeded 5% (the current consensus expectation for 2021 and 2022), small-cap
value outperformed small-cap growth 68% of the time by an average of more than 4%. We would welcome such a leadership shift. At
the same time, however, we are more confident in the likelihood of ongoing leadership for cyclicals</FONT></P>

</DIV>
<BR CLEAR="ALL">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4&nbsp;|
    This page is not part of the 2020 Annual Report to Stockholders</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LETTER
    TO OUR STOCKHOLDERS</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #477B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">We
have been actively investing in a variety of diverse cyclical companies. For example, we have been focusing on those businesses
that look poised to benefit from those changes in consumer behaviors that have been precipitated or accelerated by the coronavirus.
We also continue to invest in companies that help to manage the increased complexity of logistics for other businesses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #477B7C"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a
status they assumed within small cap in May 2020) than we are in a sustained leadership stint for small-cap value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>



<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Rolling
12 Month Returns of Russell 2000 Pure Value vs Russell 2000 Pure Growth Indexes From 12/31/00 to 12/31/20</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="img006_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Gray 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Past
performance is no guarantee of future results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
we talk to companies, they tell us about growing order books, scarcity of inventory, and strong, low-debt balance sheets, all
of which support the idea that a cyclical rebound is under way. In addition to these supportive cyclical conditions, value will
also need market leadership from Financials, Materials, and perhaps Energy to pull ahead of growth. These three, often referred
to as the &ldquo;reflationary&rdquo; sectors, would benefit from sustained inflation and/or commodity price strength, both of
which might occur if the dollar continues to weaken. While all of that seems plausible to us, this sort of macro projection lies
beyond our core competencies. So while it&rsquo;s true that there is substantial overlap between value and cyclicals, we feel
more secure about the prospects for the latter. More important for our investors, the small-cap value index is not the best proxy
for how our own value-oriented strategies invest, and we think</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">these portfolios should be able to do well regardless of how the
value index performs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
all of this in mind, we have been actively investing in a variety of diverse cyclical companies. For example, we have been
focusing on those businesses that look poised to benefit from those changes in consumer behaviors that have been precipitated
or accelerated by the coronavirus. We also continue to invest in companies that help to manage the increased complexity of
logistics for other businesses. The increased popularity of outdoor leisure activities, specifically for recreational
vehicles and boating, has led us to manufacturers that should benefit from the sustainably higher demand for products and
aftermarket services. Ongoing strength in the housing market is seeding opportunities across several of our strategies as
more and more people can live farther from their employers, particularly in the absence of a daily commute. Workers requiring
additional or reworked space for home offices is creating demand for new homes and home remodeling as well as consistently
reliable connectivity. We therefore hold homebuilding, building products, and manufactured housing companies. We also own a
number of companies in the semiconductor capital equipment space across several of our strategies as the secular shift toward
work from home is intersecting fortuitously with both the longstanding trend toward more widespread use of semis and current
highly favorable supply/demand dynamics.</FONT></P>

</DIV>
<BR CLEAR="ALL">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
    page is not part of the 2020 Annual Report to Stockholders | 5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>
<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LETTER
TO OUR STOCKHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #477B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Taking
the long view, 88% of all rolling three-year return periods since 1945 have produced positive returns for small caps. The current
probability might be even higher, due to below average valuations for small caps in the context of 1% Treasury bond yields, an
accommodative Federal Reserve, and a recovering economy in the U.S. and for most of the globe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #477B7C"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #477B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>HARD
TIMES OR GOOD TIMES AHEAD?</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
outlook hinges on two percentages, 84% and 88%. Each can help to answer two of the most relevant investor questions for
2021. The first is, do we think that small caps will see a correction during the year? This seems probable. Taking the long
view (as is our wont), in 84% of the past 25 calendar years, small caps have experienced a decline of at least 10%.
It&rsquo;s important to keep this in perspective by recalling two aspects of volatility: it is a regularly recurring feature
of the small-cap landscape, one that investors should expect, and its sudden movements can benefit a disciplined active
manager. The current environment somewhat increases our expectations for volatility. Needless to say, the market endured
above-average volatility in 2020, and stocks do not typically transition seamlessly from high volatility periods to more
placid ones. The three years that followed the wildly tumultuous 2008, for example, each experienced volatility spikes of
their own. In addition, as we write this letter in late January, we note that the small-cap market is seeing elements of
frothiness, including a surge in SPAC (Special Purpose Acquisition Corporations) issuance and considerable intra-day
volatility in certain stocks</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">favored by day traders. While not a reason for any long-term
concern, these developments echo past excesses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
second question is, do we think that small caps can advance over the next several years? That seems likely to us. Again, taking
the long view, 88% of all rolling three-year return periods since 1945 have produced positive returns for small caps, according
to data from Center for Research into Security Prices, where the CRSP 6-10 serves as the small-cap proxy. The current probability
might be even higher, due to the aforementioned below average valuations for small caps in the context of 1% Treasury bond yields,
an accommodative Federal Reserve, and a recovering economy in the U.S. and for most of the globe. Even against this constructive
backdrop, we expect selectivity to be key. The economy is likely to continue rebounding in an uneven fashion as growth revs up and
ultimately stabilizes. Regardless, however, of the shape our collective &ldquo;new normal&rdquo; takes, we think 2021 will not
only be different enough from pre-2020 to create potential advantages for disciplined active management but should also be a rewarding
one for select cyclicals in the small-cap universe.</FONT></P>

</DIV>
<BR CLEAR="ALL">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 0in; vertical-align: bottom">&nbsp;<IMG SRC="img007_v1.jpg" ALT=""></TD>
    <TD STYLE="width: 33%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><IMG SRC="img008_v1.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 33%; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left; text-indent: 0in; vertical-align: bottom"><IMG SRC="img009_v1.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Charles M. Royce</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><I>Chairman,</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><I>Royce Investment
Partners&nbsp;</I></P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Christopher
        D. Clark</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><I>Chief Executive Officer,
        and</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><I>Co-Chief Investment Officer,</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><I>Royce Investment Partners</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Francis D. Gannon</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><I>Co-Chief Investment Officer,</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><I>Royce Investment Partners</I>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt AGaramondRoycePro,serif; margin: 0pt 0; text-align: left; text-indent: 0in">February 1, 2021</P>

<P STYLE="font: 10pt AGaramondRoycePro,serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6
    | This page is not part of the 2020 Annual Report to Stockholders</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt"><A NAME="a002_v1"></A>Performance</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11" STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NAV
    Average Annual Total Returns</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As of December 31, 2020 (%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="11"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3-YR</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25-YR</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>30-YR</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE</B><BR>
    <B>INCEPTION</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INCEPTION</B><BR>
    <B>DATE</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royce
    Global Value Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.67</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;9.62</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.92</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;8.37</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/17/13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royce
    Micro-Cap Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.60</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.07</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.72</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.50</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.23</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.87&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.13</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/14/93</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royce
    Value Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.85</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.79</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.51</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.52</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.84</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.82</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11/26/86</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INDEX</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MSCI
    ACWI Small Cap Index</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.33</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;7.47</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.39</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;8.82</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;8.24</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Russell
    Microcap Index</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.96</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;8.78</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.89</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.55</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.34</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.95</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Russell
    2000 Index</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.96</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.25</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.20</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.91</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.74</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;9.05</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.96</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Important
Performance and Risk Information</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">All
performance information in this <I>Review and Report</I> reflects past performance, is presented on a total return basis, net
of the Fund&rsquo;s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee
of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or
less than their original cost when sold. Current performance may be higher or lower than performance quoted. Current month-end
performance may be obtained at www.royceinvest.com. The Funds are closed-end registered investment companies whose respective
shares of common stock may trade at a discount to the net asset value. Shares of each Fund&rsquo;s common stock are also subject
to the market risk of investing in the underlying portfolio securities held by each Fund. Each Fund is subject to market risk<B>-</B>the
possibility that common stock prices will decline, sometimes sharply and unpredictably, over short or extended periods of time.
Such declines may be caused by various factors, including market, financial, and economic conditions, governmental or central
bank actions, and other factors, such as the recent COVID-19 pandemic, that may not be directly related to the issuer of a security
held by a Fund. This pandemic could adversely affect global market, financial, and economic conditions in ways that cannot necessarily
be foreseen. All indexes referenced are unmanaged and capitalization-weighted. Each index&rsquo;s returns include net reinvested
dividends and/or interest income. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have
no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used
as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced
by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making)
any kind of investment decision and may not be relied on as such. Russell Investment Group is the source and owner of the trademarks,
service marks and copyrights related to the Russell Indexes. Russell&reg; is a trademark of Russell Investment Group. The Russell
2000 Index is an index of domestic small-cap stocks that measures the performance of the 2,000 smallest publicly traded U.S. companies
in the Russell 3000 Index. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000
Index, along with the next smallest eligible securities as determined by Russell. The Russell Global Small Cap Index is an unmanaged,
capitalization-weighted index of global small-cap stocks. The MSCI ACWI Small Cap Index is an unmanaged, capitalization-weighted
index of global small-cap stocks. The performance of an index does not represent exactly any particular investment, as you cannot
invest directly in an index. Index returns include net reinvested dividends and/or interest income. Royce Value, Micro-Cap, and
Global Value Trust shares of common stock trade on the NYSE. Royce Fund Services, LLC (&ldquo;RFS&rdquo;) is a member of FINRA
and files certain material with FINRA on behalf of each Fund. RFS is not an underwriter or distributor of any of the Funds.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This page
    is not part of the 2020 Annual Report to Stockholders | 7</FONT></TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="a003_v1"></A>MANAGER&rsquo;S
DISCUSSION (UNAUDITED)</FONT></P>


<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust (RGT)</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="img010_v1.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Chuck
Royce</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D797B"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>FUND
PERFORMANCE&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Royce
Global Value Trust (&ldquo;RGT&rdquo;) advanced 19.7% on an NAV (net asset value) basis and gained 24.4% based on market price
for 2020, outpacing its benchmark, the MSCI ACWI Small Cap Index, which returned 16.3% for the same period. </B>RGT&rsquo;s strength
through the extraordinary market of 2020 also helped it to outpace the MSCI ACWI Small Cap Index on an NAV and market price basis
for three- and five-year periods ended 12/31/20.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D797B"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>WHAT
WORKED&hellip; AND WHAT DIDN&rsquo;T&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eight
of the Fund&rsquo;s 10 equity sectors finished 2020 in the black. Information Technology, the Fund&rsquo;s second largest weighting,
made the most sizable positive contribution by a wide margin, followed by Financials and Health Care. Energy and Consumer Discretionary
were the only two sectors that detracted during the year while Communication Services, one of our lowest sector weights, made
the smallest contribution. At the industry level, capital markets (Financials) contributed most, followed by two groups in Information
Technology: electronic equipment, instruments &amp; components and software. Conversely, energy equipment &amp; services (Energy)
hampered results most during 2020, with marine and road &amp; rail, both from Industrials, also detracting from performance.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headquartered
in Canada, Descartes Systems Group was the top performing position in 2020. As a technology company specializing in supply chain
management and logistics software, as well as cloud-based services for logistics businesses, Descartes devoted much of 2019 and
early 2020 to making acquisitions to add depth and breadth to its business. This allowed the company to benefit from the many
supply chain disruptions and logistical challenges wrought by the pandemic, with its Global Logistics Network (GLN) product proving
especially additive. At the beginning of December 2020, the firm reported results for its fiscal third quarter of 2021, noting
record levels in revenue and adjusted EBITDA (earnings before interest, taxes, depreciation &amp; amortization) that ran ahead
of expectations. Also contributing to 2020&rsquo;s performance was Tel Aviv Stock Exchange, which remained fully operational throughout
the pandemic and saw substantial increases in trading volume, higher revenue from listing fees, and increases in annual levies.
Even as the globe&rsquo;s markets began to stabilize following the spring 2020 lows, revenues across trading and data distribution
have remained much higher than comparable levels from 2019. We also like how the company&rsquo;s largely fixed cost structure
has allowed it to scale and improve earnings on a run rate basis.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kirby
Corporation detracted most at the position level in 2020. The company operates barges for petrochemicals and refined petroleum
products on U.S. inland waterways. With chemical volume demand and exports hit hard during the pandemic, Kirby&rsquo;s inland
barge utilization rates fell close to an all-time low, hitting 73% in the second quarter. Kirby&rsquo;s segment that services
the oil and gas and commercial &amp; industrial markets ran a loss in 2020 due to lower U.S. fleet miles, fewer fleet repairs,
and depressed demand for hydraulic fracturing. With its prospects for recovery increasingly impacted by cyclical industry dynamics
more than the positive attributes we see in its business model, we chose to exit the position in RGT. Canada-based Computer Modelling
Group, a software company that produces reservoir simulation software for the oil and gas industry, also detracted notably in
2020. Like many businesses with exposure to energy, its stock fell mostly as a result of turmoil in the oil and gas markets. Surmising
that current energy oversupply conditions would likely persist, we exited our position in RGT&rsquo;s portfolio during the first
half of 2020.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relative
to the MSCI ACWI Small Cap Index for the calendar year, the Fund benefited from both savvy stock selection and sector
allocation decisions. Effective stock picking made Financials the Fund&rsquo;s top-performing sector versus the global
small-cap index while Real Estate was additive because of our lower weighting and stock selection. The Fund also benefited
from our lack of exposure to Utilities, though to a far more modest degree. On the other hand, our lower exposure and
ineffective stock selection detracted from performance in both Health Care and Consumer Discretionary, and the
portfolio&rsquo;s cash position also hurt relative results.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: #D5E8F5; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Top Contributors to Performance</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Top Detractors from Performance</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For 2020 (%)<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 39%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For 2020 (%)<SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Descartes
    Systems Group (The)</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.23</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kirby
    Corporation</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.83</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tel Aviv
    Stock Exchange</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.19</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer
    Modelling Group</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.68</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">XP Power</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.02</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tegma
    Gestao Logistica</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.58</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IMCD</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.98</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pason
    Systems</FONT></TD>
    <TD STYLE="border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.56</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Daifuku</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.90</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assured
    Guaranty</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.50</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP> Includes dividends</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP> Net of dividends</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D797B">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D797B"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>CURRENT
POSITIONING AND OUTLOOK</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Near-term
uncertainty notwithstanding, we believe the stage has been set for a global economic recovery that will benefit the more economically
sensitive sectors of the overall economy as supply-side shocks continue to wane and pent-up demand is released. As has been the
case throughout the pandemic, the world&rsquo;s central banks appear willing to maintain or increase accommodation, clearing the
way for fiscal policy to assume a larger role. All of this hinges, of course, on a relatively smooth roll-out for the coronavirus
vaccine. Our outlook for the global cyclical small-cap companies we hold is therefore brighter for 2021 and 2022 than it was at
the beginning of 2020. However, growth is likely to be unevenly distributed&mdash;and that is where we think active managers can
offer an edge. The ability to recognize patterns, understand industry dynamics, and evaluate management teams should all prove crucial
in such a climate.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8 | 2020 Annual Report to
    Stockholders</FONT></TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PERFORMANCE AND PORTFOLIO REVIEW
    (UNAUDITED)</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #3D797B"><B>SYMBOLS
    </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MARKET PRICE </FONT></B><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">RGT
    <B>NAV </B>XRGTX</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Performance</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average Annual Total Return (%) Through
    12/31/20</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 25%; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>JUL-DEC 2020<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE
    INCEPTION (10/17/13)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RGT
    (NAV)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28.56</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.67</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.62</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.92</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.37</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1 </SUP>Not Annualized</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Market Price Performance
    History Since Inception (10/17/13)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cumulative Performance of Investment<SUP>1</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 35%; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #CCCCCC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE
    INCEPTION (10/17/13)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RGT</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">102.7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73.8%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="img011_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&sup1;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reflects
the cumulative performance experience of a continuous common stockholder who purchased one share at inception ($8.975 IPO) and
reinvested all distributions.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&sup2;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reflects
the actual month-end market price movement of one share as it has traded on NYSE.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Morningstar
Style Map&trade; </B>As of 12/31/20</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="img012_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
<B>Morningstar Style Map</B> is the <B>Morningstar Style Box&trade;</B> with the center 75% of fund holdings plotted as the <B>Morningstar
Ownership Zone&trade;</B>. The Morningstar Style Box is designed to reveal a fund&rsquo;s investment strategy. The Morningstar
Ownership Zone provides detail about a portfolio&rsquo;s investment style by showing the range of stock sizes and styles. The
Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the
shape and location of a fund&rsquo;s ownership zone may vary. See page 66 for additional information.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top 10 Positions</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Net Assets</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">XP
    Power</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Marlowe</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEI
    Investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Restore</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SThree</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New
    Work</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IPH</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morningstar</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Learning
    Technologies Group</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OEM
    International Cl. B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio Sector Breakdown</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Net Assets</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrials</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information
    Technology</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financials</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health
    Care</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Materials</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Communication
    Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real
    Estate</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Staples</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Discretionary</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    and Cash Equivalents, Net of Outstanding Line of Credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.8</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Calendar Year Total Returns
    (%)</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RGT</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.7</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-16.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-3.4</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-6.2</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio Country Breakdown
    </B><SUP>1,2</SUP></FONT></TD>
    <TD STYLE="width: 4%; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Net Assets</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">United
    States</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">United
    Kingdom</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canada</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sweden</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australia</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&sup1;
Represents countries that are 3% or more of net assets.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&sup2;
Securities are categorized by the country of their headquarters.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 85%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio Diagnostics</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fund
    Net Assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$84
    million</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Number
    of Holdings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">128</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Turnover
    Rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Asset Value</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$14.95</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$13.36</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    Market Capitalization<SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,009
    million</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    Average P/E Ratio<SUP>2,3</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34.7x</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #CCCCCC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    Average P/B Ratio<SUP>2</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #CCCCCC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.6x</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Active
    Share<SUP>4</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98%</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Geometric
Average.</B> This weighted calculation uses each portfolio holding&rsquo;s market cap in a way designed to not skew the effect
of very large or small holdings; instead, it aims to better identify the portfolio&rsquo;s center, which Royce believes offers
a more accurate measure of average market cap than a simple mean or median.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Harmonic
Average. </B>This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares
the total market value of the portfolio to the portfolio&rsquo;s share in the earnings or book value, as the case may be, of its
underlying stocks.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
Fund&rsquo;s P/E ratio calculation excludes companies with zero or negative earnings (18% of portfolio holdings as of 12/31/20).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Active
Share </B>is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the
benchmark, divided by two.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Important
Note Regarding Non-Fundamental Investment Policy Change to Become Effective on or About May 1, 2021</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">On
February 18, 2021, the Board of Directors of RGT approved reducing the percentage of the Fund&rsquo;s net assets required to be
invested in companies headquartered in at least three countries outside the United States from 65% to 40%, effective on or about
May 1, 2021. The press release announcing such change was subsequently filed on Form 8-K with the Securities and Exchange Commission
and is available on its website at www.sec.gov. The Fund&rsquo;s investment objective and other investment policies and restrictions
will remain unchanged.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Important
Performance and Risk Information</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">All
performance information reflects past performance, is presented on a total return basis, net of the Fund&rsquo;s investment advisory
fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may
be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.royceinvest.com. The
market price of the Fund&rsquo;s shares will fluctuate, so that shares may be worth more or less than their original cost when
sold. The Fund invests primarily in securities of small- and mid-cap companies, which may involve considerably more risk than
investments in securities of larger-cap companies. The Fund&rsquo;s broadly diversified portfolio does not ensure a profit or
guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities,
which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the &ldquo;Top
Contributors&rdquo; and &ldquo;Top Detractors&rdquo; tables shown above, the sum of all contributors to, and all detractors from,
performance for all securities in the portfolio would approximate the Fund&rsquo;s year-to-date performance for 2020.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 9</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; border-top: black 1.5pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a004_v1"></A>Schedule
    of Investments</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; border-top: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
    Stocks &ndash; 96.2%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VALUE</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AUSTRALIA
    </B>&ndash; <B>3.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cochlear
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,900</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">714,526</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IPH
    </B><A HREF="#b006_v1"><B><SUP>5</SUP></B></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">281,675</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,397,052</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steadfast
    Group <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,900</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">236,779</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Technology
    One <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,900</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">346,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $1,781,578)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,695,157</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BERMUDA
    </B>&ndash; <B>0.8%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assured
    Guaranty <A HREF="#b003_v1"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">340,092</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Bank
    of N.T. Butterfield &amp; Son</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,800</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">305,368</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $888,710)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>645,460</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BRAZIL
    </B>&ndash; <B>0.7%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">B3-Brasil,
    Bolsa, Balcao <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">179,924</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTVS
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,085</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">415,668</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $288,675)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>595,592</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CANADA
    </B>&ndash; <B>9.3%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alamos
    Gold Cl. A</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86,400</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">754,787</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Altus
    Group</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,300</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">899,491</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AutoCanada</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">398,786</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>CAE</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,200</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">476,584</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Centerra
    Gold</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">451,615</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Descartes
    Systems Group (The) </FONT><A HREF="#b002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">935,680</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FirstService
    Corporation</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">287,196</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Major
    Drilling Group International <A HREF="#b002_v1"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">168,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,014,942</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Morneau
    Shepell</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,162,802</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pan
    American Silver <A HREF="#b003_v1"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">438,277</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sprott</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,360</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">997,679</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $4,555,293)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,817,839</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CHINA
    </B>&ndash; <B>0.3%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">A-Living
    Smart City Services <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,500</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">269,555</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $84,106)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>269,555</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DENMARK
    </B>&ndash; <B>0.7%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chr.
    Hansen Holding <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">267,511</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SimCorp
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,400</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">356,479</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $385,637)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>623,990</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FRANCE
    </B>&ndash; <B>1.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Esker
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">648,371</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interparfums
    <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,620</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">347,278</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $377,050)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>995,649</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>GERMANY
    </B>&ndash; <B>5.3%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amadeus
    Fire <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">807,891</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Carl
    Zeiss Meditec <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,400</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">585,483</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CompuGroup
    Medical <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">460,963</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Deutsche
    Konsum REIT </FONT><A HREF="#b006_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,776</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">264,049</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Medios
    <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">182,401</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>New
    Work </B><A HREF="#b006_v1"><B><SUP>5</SUP></B></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,200</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,437,224</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PATRIZIA
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">214,888</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">STRATEC
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">449,862</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $2,805,028)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,402,761</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>GREECE
    </B>&ndash; <B>0.9%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sarantis
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,700</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">773,734</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $581,584)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>773,734</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ICELAND
    </B>&ndash; <B>1.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Ossur
    </FONT><A HREF="#b006_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></A></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">127,300</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,012,075</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $835,259)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,012,075</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INDIA
    </B>&ndash; <B>2.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AIA
    Engineering <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,200</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">824,901</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP><A HREF="#d001">&dagger;</A>
    </SUP>WNS
    Holdings ADR </B></FONT><A HREF="#b002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP>1</SUP></B></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP>,</SUP></B></FONT><A HREF="#b003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP>2</SUP></B></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP>,</SUP></B></FONT><A HREF="#b004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP>3</SUP></B></FONT></A></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,700</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,059,135</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $1,599,027)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,884,036</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INDONESIA
    </B>&ndash; <B>0.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Selamat
    Sempurna <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,053,100</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,524</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $187,196)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>202,524</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ISLE
    OF MAN </B>&ndash; <B>0.3%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Strix
    Group </FONT><A HREF="#b006_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></A></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73,800</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">221,650</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $158,021)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>221,650</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ISRAEL
    </B>&ndash; <B>1.6%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nova
    Measuring Instruments <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b003_v1"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,300</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">656,580</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tel
    Aviv Stock Exchange <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">137,900</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">702,861</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $578,251)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,359,441</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ITALY
    </B>&ndash; <B>1.4%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Carel
    Industries <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">987,304</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gruppo
    MutuiOnline <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,600</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">195,022</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $601,689)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,182,326</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>JAPAN
    </B>&ndash; <B>7.1%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Advantest
    Corporation <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">653,169</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As
    One <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">512,948</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Benefit
    One <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,900</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">411,657</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Daifuku
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">556,992</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">eGuarantee
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">294,533</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fukui
    Computer Holdings <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">470,079</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morningstar
    Japan KK <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">108,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">483,247</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nihon
    M&amp;A Center <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">307,833</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NSD
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">401,337</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Prestige
    International <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,900</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">370,373</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SCSK
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160,278</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TechnoPro
    Holdings <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,513</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TKC
    Corporation <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,400</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,005,601</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zenkoku
    Hosho <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,400</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">156,373</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $3,165,647)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,991,933</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LUXEMBOURG
    </B>&ndash; <B>0.3%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 12.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Eurofins
    Scientific </FONT><A HREF="#b002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b006_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></A></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,700</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">226,547</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $137,617)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>226,547</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MEXICO
    </B>&ndash; <B>0.3%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Becle</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,800</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">238,673</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $158,552)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>238,673</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NETHERLANDS
    </B>&ndash; <B>1.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IMCD
    <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,900</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,003,769</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $556,580)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,003,769</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NEW
    ZEALAND </B>&ndash; <B>0.5%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fisher
    &amp; Paykel Healthcare <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,200</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">384,705</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $86,003)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>384,705</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NORWAY
    </B>&ndash; <B>1.0%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TGS-NOPEC
    Geophysical <A HREF="#b006_v1"><SUP>5</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,000</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">870,224</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $585,676)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; background-color: #D6EAF7; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>870,224</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10 | 2020
    Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 65%; font-size: 11pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE
    ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 11pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December
    31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Schedule
    of Investments (continued)</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; border-top: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VALUE</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINGAPORE </B>&ndash; <B>2.1%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Midas
    Holdings </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b005_v1"><FONT STYLE="font-size: 8pt"><SUP>4</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>XP
    Power </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><B><SUP>5</SUP></B></FONT></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,800</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,724,080</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $800,209)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,724,080</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SOUTH AFRICA </B>&ndash; <B>0.3%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transaction
    Capital </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">136,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229,944</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-top: #A0AAAD 1pt solid; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $181,104)</B></FONT></TD>
    <TD STYLE="border-top: #A0AAAD 1pt solid; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A0AAAD 1pt solid; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: #A0AAAD 1pt solid; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A0AAAD 1pt solid; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #A0AAAD 1pt solid; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: #A0AAAD 1pt solid; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>229,944</B></FONT></TD>
    <TD STYLE="border-top: #A0AAAD 1pt solid; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SWEDEN </B>&ndash; <B>6.5%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Bravida
    Holding <A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,035,513</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BTS
    Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,200</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">269,431</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bufab
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,300</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">503,095</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dometic
    Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">297,685</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Karnov
    Group <A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">164,581</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,187,018</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mycronic
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,200</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">930,268</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>OEM
    International Cl. B <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,500</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,212,321</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $3,281,496)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,435,331</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SWITZERLAND </B>&ndash; <B>2.5%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inficon
    Holding </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">364,884</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kardex
    Holding </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">590,033</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LEM
    Holding </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">150</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">292,783</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VAT
    Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">448,635</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VZ
    Holding </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,200</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">383,525</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $970,327)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,079,860</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNITED KINGDOM </B>&ndash; <B>18.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ashmore
    Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142,400</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">840,488</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CentralNic
    Group <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">836,473</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,075,191</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computacenter
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">227,916</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diploma
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">405,084</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DiscoverIE
    Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">653,715</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Eckoh
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">222,990</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FDM
    Group Holdings <A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,039,376</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ferroglobe
    (Warranty Insurance Trust) </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b005_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b005_v1"><FONT STYLE="font-size: 8pt"><SUP>4</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Halma
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">492,548</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Intertek Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,900</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">765,044</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Keystone
    Law Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">980,304</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Learning
    Technologies Group <A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">494,200</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,226,449</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Marlowe
    <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">187,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,676,967</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Midwich
    Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">215,741</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mortgage
    Advice Bureau Holdings </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,300</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">796,881</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Polypipe
    Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">678,911</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Restore
    <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">260,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,466,183</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RWS
    Holdings </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,300</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">544,456</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Softcat </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245,627</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SThree
    <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b006_v1"><SUP>5</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">358,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,463,227</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>YouGov </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b006_v1"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,000</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213,918</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $11,046,863)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,231,016</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNITED STATES </B>&ndash; <B>26.9%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Air
    Lease Cl. A </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,182</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">940,904</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>APi Group </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b004_v1"><FONT STYLE="font-size: 8pt"><SUP>3</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">920,205</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>BOK Financial </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,350</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">434,848</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chicken
    Soup For The Soul Entertainment Cl. A </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">239,880</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CIRCOR
    International <A HREF="#b002_v1"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#b003_v1"><SUP>2</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,300</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,087,852</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CMC
    Materials </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,150</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">779,195</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cognex
    Corporation </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,374</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">431,452</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Coherent
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,550</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">682,591</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Colfax
    Corporation </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b004_v1"><FONT STYLE="font-size: 8pt"><SUP>3</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,400</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">818,336</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diodes
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">493,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>ESCO Technologies </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">567,710</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>FARO Technologies </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b004_v1"><FONT STYLE="font-size: 8pt"><SUP>3</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,250</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">512,068</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FLIR
    Systems <A HREF="#b003_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#b004_v1"><SUP>3</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,034,388</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>GCM Grosvenor Cl. A </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,626</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">594,418</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helios
    Technologies </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,339</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">444,385</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Innospec
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,228</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">565,066</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kadant
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,900</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">549,822</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>KBR
    <A HREF="#b003_v1"><SUP>2</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,196,991</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Kennedy-Wilson Holdings</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">536,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindblad
    Expeditions Holdings </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">368,080</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindsay
    Corporation </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,110</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">527,971</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mesa
    Laboratories <A HREF="#b003_v1"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#b004_v1"><SUP>3</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,660</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,049,102</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Morningstar
    <A HREF="#b003_v1"><SUP>2</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,640</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,306,055</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National
    Instruments </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,120</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,733</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PAR
    Technology </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,991</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">815,705</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>ProAssurance Corporation</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">800,550</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quaker
    Chemical </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,710</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">686,687</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SEI
    Investments <A HREF="#b003_v1"><SUP>2</SUP></A></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,750</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,537,323</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>SVMK </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">766,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Transcat </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,577</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">505,530</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Upland
    Software </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#b002_v1"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b003_v1"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></A><FONT STYLE="font-size: 8pt"><SUP>,</SUP></FONT><A HREF="#b004_v1"><FONT STYLE="font-size: 8pt"><SUP>3</SUP></FONT></A></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,900</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">913,211</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $14,620,445)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22,507,758</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL COMMON STOCKS</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Cost
    $51,297,623)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid; text-align: right; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid; text-align: right; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>80,605,629</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 11</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Global Value Trust</FONT></TD>
    <TD STYLE="width: 40%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December
    31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule
    of Investments (continued)</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VALUE</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REPURCHASE AGREEMENT</B>&ndash; <B>13.5%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Fixed Income Clearing Corporation, 0.00% dated 12/31/20, due 1/4/21, maturity value $11,259,892 (collateralized by obligations of various U.S. Government Agencies, due 12/30/21, valued at $11,485,127)</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Cost
    $11,259,892)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,259,892</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    INVESTMENTS </B>&ndash; <B>109.7%</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Cost
    $62,557,515)</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>91,865,521</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LIABILITIES LESS CASH AND OTHER ASSETS</B>
    &ndash; <B>(9.7)%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(8,113,522)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    ASSETS </B>&ndash; <B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; border-top: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83,751,999</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-top: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">ADR
&ndash; American Depository Receipt&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD><TD STYLE="width: 3.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="b001_v1"></A>&nbsp;New
                                         additions in 2020.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt; text-align: justify"></TD><TD STYLE="width: 3.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="b002_v1"></A>&nbsp;Non-income
                                         producing.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt; text-align: justify"></TD><TD STYLE="width: 3.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="b003_v1"></A>&nbsp;All
                                         or a portion of these securities were pledged as collateral in connection with the Fund&rsquo;s
                                         revolving credit agreement at December 31, 2020. Total market value of pledged securities
                                         at December 31, 2020, was $17,065,018.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt; text-align: justify"></TD><TD STYLE="width: 3.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="b004_v1"></A>&nbsp;At
                                         December 31, 2020, a portion of these securities were rehypothecated in connection with
                                         the Fund&rsquo;s revolving credit agreement in the aggregate amount of $6,167,116.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt; text-align: justify"></TD><TD STYLE="width: 3.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="b005_v1"></A>&nbsp;Securities
                                         for which market quotations are not readily available represent 0.0% of net assets. These
                                         securities have been valued at their fair value under procedures approved by the Fund&rsquo;s
                                         Board of Directors. These securities are defined as Level 3 securities due to the use
                                         of significant unobservable inputs in the determination of fair value. See Notes to Financial
                                         Statements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt; text-align: justify"></TD><TD STYLE="width: 3.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD><TD STYLE="padding-right: 57.25pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="b006_v1"></A>&nbsp;These
                                         securities are defined as Level 2 securities due to the application of fair value factors.
                                         See Notes to Financial Statements. Securities of Global/International Funds are categorized
                                         by the country of their headquarters.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Bold
indicates the Fund&rsquo;s 20 largest equity holdings in terms of December 31, 2020, market value. </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TAX
INFORMATION:</B> The cost of total investments for Federal income tax purposes was $62,712,307. At December 31, 2020, net unrealized
appreciation for all securities was $29,153,214 consisting of aggregate gross unrealized appreciation of $29,482,916 and aggregate
gross unrealized depreciation of $329,702. The primary causes of the difference between book and tax basis cost are the timing
of the recognition of losses on securities sold and mark-to-market of Passive Foreign Investment Companies.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 65%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Global
    Value Trust</FONT></TD>
    <TD STYLE="width: 36%; font-size: 11pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December
    31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><A NAME="a005_v1"></A>Statement
    of Assets and Liabilities</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ASSETS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    at value</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,605,629</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repurchase
    agreements (at cost and value)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,259,892</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    currency (cost $12,566)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,489</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Receivable
    for investments sold</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">439,691</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Receivable
    for dividends</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">181,909</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Prepaid
    expenses and other assets</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,791</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>92,524,401</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LIABILITIES:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revolving
    credit agreement</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,000,000</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for investments purchased</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">570,189</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for investment advisory fee</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">119,504</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for directors&rsquo; fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,446</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for interest expense</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,147</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accrued
    expenses</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,650</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    capital gains tax</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,466</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
                                         Liabilities</B></FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,772,402</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83,751,999</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ANALYSIS OF NET ASSETS:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paid-in
    capital - $0.001 par value per share; 5,600,791 shares outstanding (150,000,000 shares authorized)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,249,348</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total distributable earnings (loss)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,502,651</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Assets (net asset value per share - $14.95)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83,751,999</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    at identified cost</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,297,623</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE
    ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 35%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
                                         Annual Report to Stockholders | 13</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Global Value Trust</FONT></TD>
    <TD STYLE="width: 54%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Year Ended
    December 31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; border-top: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Statement
    of Operations</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INVESTMENT INCOME:</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INCOME:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,727,464</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    withholding tax</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(127,491</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,005</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rehypothecation
    income</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    income</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,605,078</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EXPENSES:</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment
    advisory fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,353,544</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest
    expense</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130,400</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Custody
    and transfer agent fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92,881</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Administrative
    and office facilities</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,546</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stockholder
    reports</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,321</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Professional
    fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,473</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Directors&rsquo;
    fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,383</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    expenses</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,062</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,814,610</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    investment income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(209,532</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
    AND FOREIGN CURRENCY:</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET REALIZED
    GAIN (LOSS):</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,336,604</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    currency transactions</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(114,339</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET CHANGE
    IN UNREALIZED APPRECIATION (DEPRECIATION):</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(471,769</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    assets and liabilities denominated in foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,846</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    realized and unrealized gain (loss) on investments and foreign currency</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,748,650</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,539,118</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.4pt; text-indent: -8.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 65%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.65pt; text-indent: -8.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE
                           ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.4pt; text-indent: -8.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
    of Changes in Net Assets</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR
    ENDED 12/31/20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR
    ENDED 12/31/19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT OPERATIONS:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    investment income (loss)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(209,532)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">584,483</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    realized gain (loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,222,265</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,430,859</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    change in unrealized appreciation (depreciation) on investments and foreign currency</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(473,615)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,923,370</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    increase (decrease) in net assets from investment operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,539,118</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>33,938,712</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    distributable earnings</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12,499,130)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(628,921</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    distributions</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12,499,130)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(628,921</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL STOCK TRANSACTIONS:</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reinvestment
    of distributions</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,684,326</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">246,799</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value
    of shares tendered</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(75,782,536)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    capital stock transactions</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(71,098,210)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>246,799</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #D6EAF7">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Increase (Decrease) In Net Assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(59,058,222)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>33,556,590</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET
    ASSETS:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #D6EAF7">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Beginning
    of year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>142,810,221</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>109,253,631</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #D6EAF7">
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>End
    of year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83,751,999</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>142,810,221</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 15</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Global Value Trust</FONT></TD>
    <TD STYLE="width: 54%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Year Ended
    December 31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; border-top: black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
    of Cash Flows</B></FONT></TD>
    <TD STYLE="width: 3%; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CASH
    FLOWS FROM OPERATING ACTIVITIES:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase (decrease) in net assets from investment operations</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,539,118</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjustments
    to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchases
    of long-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(70,938,318</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from sales and maturities of long-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">157,699,056</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    purchases, sales and maturities of short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,906,892</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    (increase) decrease in dividends and interest receivable and other assets</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">93,354</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase (decrease) in interest expense payable, accrued expenses and other liabilities</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12,151</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    change in unrealized appreciation (depreciation) on investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">471,769</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    realized gain (loss) on investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(25,336,604</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    cash provided by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83,609,332</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CASH
    FLOWS FROM FINANCING ACTIVITIES:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12,499,130</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reinvestment
    of distributions</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,684,326</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value
    of shares tendered</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(75,782,536</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    cash used for financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(83,597,340</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INCREASE
    (DECREASE) IN CASH:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,992</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash
    and foreign currency at beginning of year</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>497</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash
    and foreign currency at end of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,489</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Supplemental
disclosure of cash flow information:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
the year ended December 31, 2020, the Fund paid $141,979 in interest expense.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 65%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial
Highlights </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
table is presented to show selected data for a share outstanding throughout each period, and to assist stockholders in evaluating
the Fund&rsquo;s performance for the periods presented.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEARS
    ENDED</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/20</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/19</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/18</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/17</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/16</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Asset Value, Beginning of Period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.60</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10.42</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12.48</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.62</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.81</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT
                                         OPERATIONS:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
        investment income (loss)</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.05</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.06</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.04</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.02</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.06</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    realized and unrealized gain (loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.63</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.18</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.06</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.96</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.90</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(243,244,244)">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    increase (decrease) in net assets from investment operations</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.58</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.24</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2.02</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.98</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.96</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
        investment income</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.11</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.14</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    realized gain on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.19</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(243,244,244)">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    distributions</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.19</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.06</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.04</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.11</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.14</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL
                                         STOCK TRANSACTIONS:&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Effect
        of reinvestment of distributions by Common Stockholders</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.00</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.00</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.01</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.01</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(243,244,244)">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    capital stock transactions</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.04</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.00</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.00</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.01</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.01</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Asset Value, End of Period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14.95</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.60</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10.42</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12.48</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.62</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Market
    Value, End of Period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.36</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11.69</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.88</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10.81</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.04</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL
                                         RETURN:<SUP>1</SUP>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
        Asset Value</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.67</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.20</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16.11</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.07</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.12</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Value</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.42</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32.33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17.50</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35.96</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.77</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RATIOS
                                         BASED ON AVERAGE NET ASSETS:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment
        advisory fee expense&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.00</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.00</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.25</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.25</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.25</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.34</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.50</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.49</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.42</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.46</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    expenses (net)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.34</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.74</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.67</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.71</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses
    excluding interest expense</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.24</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.29</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.53</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.52</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.57</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses
    prior to balance credits</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.34</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.74</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.67</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.71</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    investment income (loss)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.15</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.46</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.21</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.69</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SUPPLEMENTAL
                                         DATA:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
        Assets, End of Period (in thousands)&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,752</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142,810</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,254</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130,526</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100,228</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Portfolio
    Turnover Rate</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REVOLVING
                                         CREDIT AGREEMENT:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
        coverage&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1147</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1885</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1466</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1732</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1353</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    coverage per $1,000</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,469</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,851</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,657</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,316</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,528</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2pt; text-indent: -0.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 5pt; text-indent: -5pt; text-align: justify"><A NAME="c001_v1"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP>
The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and
a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes
of this calculation to be reinvested at prices obtained under the Fund&rsquo;s Distribution Reinvestment and Cash Purchase
Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund&rsquo;s net asset value is used on
the purchase, sale and dividend reinvestment dates instead of market value.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
Annual Report to Stockholders | 17</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Summary
of Significant Accounting Policies </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
Global Value Trust, Inc. (the &ldquo;Fund&rdquo;), is a diversified closed-end investment company that was incorporated under
the laws of the State of Maryland on February 14, 2011. The Fund commenced operations on October 18, 2013.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during
the reporting period. Actual results could differ from those estimates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 &ldquo;Financial Services-Investment Companies.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Royce &amp; Associates, LP, the Fund&rsquo;s investment adviser, primarily conducts business using the name Royce Investment Partners
(&ldquo;Royce&rdquo;).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION
OF INVESTMENTS:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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&rsquo;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&rsquo;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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Various
inputs are used in determining the value of the Fund&rsquo;s investments, as noted above. These inputs are summarized in the three
broad levels below:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level
                               1</B></FONT></TD>
                               <TD STYLE="width: 0.15in; text-align: center; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&ndash;&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">quoted
                                         prices in active markets for identical securities.</FONT></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level
                               2</B></FONT></TD><TD STYLE="text-align: center; width: 0.15in; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&ndash;&nbsp;</FONT></TD>
                                                                                                                                                                            <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 are foreign securities that were fair valued
                                         and are noted in the Schedule of Investments.</FONT></TD>
</TR></TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level
                               3</B></FONT></TD><TD STYLE="text-align: center; width: 0.15in; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&ndash;&nbsp;</FONT></TD>
                                                                                                                                                                       <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following is a summary of the inputs used to value
the Fund&rsquo;s investments as of December 31, 2020. For a detailed breakout of common stocks by country, please refer to the
Schedule of Investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 26%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    1</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    2</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    3</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,925,445</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,680,184</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>80,605,629</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repurchase
    Agreement</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,259,892</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,259,892</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="19" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Level
    3 Reconciliation</B>:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF 12/31/19</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PURCHASES</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SALES</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS)</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNREALIZED
    GAIN (LOSS )<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF 12/31/20</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.3pt; text-indent: -4.25pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         net change in unrealized appreciation (depreciation) is included in the accompanying
                                         Statement of Operations. Change in unrealized appreciation (depreciation) includes net
                                         unrealized appreciation (depreciation) resulting from changes in investment values during
                                         the reporting period and the reversal of previously recorded unrealized appreciation
                                         (depreciation) when gains or losses are realized. Net realized gain (loss) from investments
                                         and foreign currency transactions is included in the accompanying Statement of Operations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.5pt; text-indent: -8.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18
| 2020 Annual Report to Stockholders</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 8.5pt; text-indent: -8.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued) </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REPURCHASE
AGREEMENTS:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may enter into repurchase agreements with institutions that the Fund&rsquo;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 December 31, 2020 is overnight and continuous.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FOREIGN
CURRENCY:<B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies,
expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities
transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund&rsquo;s
books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses
arise from changes in the value of assets and liabilities, other than investments in securities at the end of the reporting period,
as a result of changes in foreign currency exchange rates.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments
from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized
and unrealized gain or loss on investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISTRIBUTIONS
AND TAXES:&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes
to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes
information regarding income taxes under the caption &ldquo;Tax Information.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund pays any dividends and capital gain distributions annually in December. Because federal income tax regulations differ from
generally accepted accounting principles, income and capital gain distributions determined in accordance with tax regulations
may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character
of distributions and composition of net assets for tax purposes differ from those reflected in the accompanying financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAPITAL
GAINS TAXES:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may be subject to a tax imposed on capital gains on securities of issuers domiciled in certain countries. The
Fund records an estimated deferred tax liability for gains in these securities that have been held for less than one year. This
amount, if any, is reported as deferred capital gains tax in the accompanying Statement of Assets and Liabilities, assuming those
positions were disposed of at the end of the period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INVESTMENT
TRANSACTIONS AND RELATED INVESTMENT INCOME:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income
is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premiums and
discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment
transactions are determined on the basis of identified cost for book and tax purposes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXPENSES:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund&rsquo;s operations,
while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and
other administrative expenses related to the Funds are allocated by Royce under an administration agreement and are included in
administrative and office facilities and professional fees.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPENSATING
BALANCE CREDITS:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has an arrangement with its custodian bank, whereby a portion of the custodian&rsquo;s fee is paid indirectly by credits earned
on the Fund&rsquo;s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely,
the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive
cash balances.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital
Stock:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund issued 349,058 and 21,442 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2020 and
December 31, 2019, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
Annual Report to Stockholders | 19</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued) </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital
Stock (continued): </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
October 28, 2020, the Fund announced the commencement of a conditional cash tender offer for up to 40% of the Fund&rsquo;s issued
and outstanding shares of common stock as of October 12, 2020 (i.e., 4,201,388 shares) at a price per share equal to 100% of the
Fund&rsquo;s net asset value per share as of the close of regular trading on the New York Stock Exchange (the &ldquo;NYSE&rdquo;)
on the trading day immediately following the expiration date for the offer. The tender offer was set to expire at 11:59 p.m. Eastern
Time on December 16, 2020, unless extended. The closing of the tender offer was contingent on the Fund&rsquo;s stockholders approving
a new investment advisory agreement between the Fund and Royce in accordance with the requirements of the Investment Company Act
of 1940.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
December 7, 2020, the Fund announced its Board of Directors had approved amended terms for its previously announced conditional
cash tender offer. The Fund offered to purchase up to 50% of its issued and outstanding shares of common stock as of October 12,
2020 (i.e., 5,251,735 shares) at a price per share equal to 100% of the Fund&rsquo;s net asset value per share as of the close
of regular trading on the NYSE on the trading day immediately following the expiration date for the offer. The expiration date
for the tender offer was extended until 11:59 P.M. on December 21, 2020. The closing of the tender offer, however, remained contingent
on stockholder approval of a new investment advisory agreement between the Fund and Royce.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&rsquo;s stockholders approved a new investment advisory agreement between the Fund and Royce at a special meeting of stockholders
held on December 17, 2020. In accordance with the terms and conditions of the tender offer, because the number of shares tendered
by stockholders exceeded the number of shares offered to be purchased by the Fund, the Fund purchased the full amount of 5,251,735
shares from tendering stockholders on a pro-rata basis (disregarding fractional shares). The purchase price of the properly tendered
shares was equal to $14.43 per share (the Fund&rsquo;s net asset value per share as of the close of regular trading on the NYSE
on December 22, 2020) for an aggregate purchase price of $75,782,536. The direct expenses associated with the conduct of the tender
offer and the tender offer materials, including legal fees, information agent fees, depositary fees, and the costs of printing
and mailing the tender offer materials, were borne by Franklin Resources, Inc., Royce&rsquo;s ultimate corporate parent, and not
by the Fund.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Borrowings:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI).
The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed
by the Fund under the credit agreement. The credit agreement has a 179-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 comply with other financial covenants
set forth in 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&rsquo;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. BNPPI may also terminate the credit agreement upon sixty (60) calendar
days&rsquo; prior written notice to the Fund in the event the Fund&rsquo;s net asset value per share as of the close of business
on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund&rsquo;s net asset value
per share as of the close of business on the last business day of the immediately preceding calendar month.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
maximum amount the Fund could borrow under the credit agreement during the year ended December 31, 2020 was $8,000,000. Such maximum
borrowing amount was subsequently reduced from $8,000,000 to $4,000,000 through an amendment to the credit agreement dated as
of January 6, 2021. The Fund has the right to further reduce the maximum amount it can borrow under the credit agreement upon
one (1) business day&rsquo;s prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum
amount the Fund can borrow under the credit agreement, which amount may not exceed $15,000,000.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of December 31, 2020, the Fund has outstanding borrowings of $8,000,000. During the year ended December 31, 2020, the Fund borrowed
an average daily balance of $8,000,000 at a weighted average borrowing cost of 1.60%. The maximum amount outstanding during the
year ended December 31, 2020, was $8,000,000. As of December 31, 2020, the aggregate value of rehypothecated securities was $6,167,116.
During the year ended December 31, 2020, the Fund earned $100 in fees from rehypothecated securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.05pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 10.15pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|
                                         2020 Annual Report to Stockholders</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10.2pt; text-indent: -10.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10.2pt; text-indent: 20pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10.2pt; text-indent: 20pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10.2pt; text-indent: -10.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued) </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Advisory Agreement: </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
July 31, 2020, Franklin Resources, Inc. (&ldquo;Franklin Resources&rdquo;) acquired Legg Mason, Inc. in an all-cash transaction.
As a result of the transaction, Royce, the investment adviser to the Fund, became an indirect, majority-owned subsidiary of Franklin
Resources. Under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;), consummation of the transaction automatically
terminated the Fund&rsquo;s investment advisory agreement with Royce that was in place prior to the transaction (referred to herein
as the &ldquo;Prior Agreement&rdquo;).</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Because
the Fund&rsquo;s stockholders did not approve a new investment advisory agreement with Royce (referred to herein as the &ldquo;New
Agreement&rdquo;) in accordance with the requirements of the 1940 Act prior to the completion of the transaction, an interim investment
advisory agreement between the Fund and Royce (the &ldquo;Interim Agreement&rdquo;) went into effect upon the closing of the transaction.
The Interim Agreement, which was approved by the Fund&rsquo;s Board of Directors, allowed Royce to continue providing services
to the Fund for another 150 days while the Fund continued to seek stockholder approval of the New Agreement. The material terms
of the Interim Agreement, including the Fund&rsquo;s contractual investment advisory fee rate thereunder, were identical to those
of the Prior Agreement. Pursuant to the Interim Agreement, investment advisory fees payable by the Fund were deposited to an escrow
account rather than paid directly to Royce.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&rsquo;s stockholders approved the New Agreement in accordance with the requirements of the 1940 Act at a special meeting
of the Fund&rsquo;s stockholders held on December 17, 2020. The Interim Agreement terminated, and the New Agreement went into
effect, upon completion of such meeting. The terms and conditions of the New Agreement are substantially identical to those of
the Prior Agreement. The Fund&rsquo;s contractual investment advisory fee rate under the New Agreement did not change from the
Prior Agreement or the Interim Agreement. All investment advisory fees that were deposited to the escrow account under the Interim
Agreement were paid to Royce.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
has continued to operate as an independent investment organization with its own brand after completion of the transaction. There
have been no changes to the management or investment teams at Royce as a result of the transaction.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
investment advisory agreement between Royce and the Fund provides for fees to be paid at an annual rate of 1.00% of the Fund&rsquo;s
average daily net assets. For the year ended December 31, 2020, the Fund expensed Royce investment advisory fees totaling $1,353,544.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchases
and Sales of Investment Securities:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the year ended December 31, 2020, the costs of purchases and proceeds from sales of investment securities, other than short-term
securities, amounted to $70,793,554 and $158,024,408, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cross
trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio
securities between funds to which Royce serves as investment adviser. The Fund&rsquo;s Chief Compliance Officer reviews such transactions
each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of her review
to the Board of Directors. Cross trades for the year ended December 31, 2020, were as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 31%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COSTS
    OF PURCHASES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PROCEEDS
    FROM SALES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    1,573,420</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    3,485,578</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    (102,413)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Tax
Information:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions
during the years ended December 31, 2020 and 2019, were characterized as follows for tax purposes:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    INCOME</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LONG-TERM
    CAPITAL GAINS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RETURN
    OF CAPITAL</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">580,547</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,499,130</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">48,374</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;The
tax basis components of distributable earnings at December 31, 2020, were as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;ORDINARY INCOME</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 29%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED
    CAPITAL LONG-TERM</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>GAINS OR (CAPITAL LOSS CARRYFORWARD)</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    UNREALIZED</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>APPRECIATION (DEPRECIATION)<SUP>1</SUP></B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>QUALIFIED
    LATE YEAR</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ORDINARY AND POST-OCTOBER LOSS DEFERRALS<SUP>2</SUP></B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ESDISTRIBUTABLE TOTAL</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CARRYFORWARD
    </B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CAPITAL LOSS UTILIZED</B></FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">868,845</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,483,601</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29,150,205</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36,502,651</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">$
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,150,642</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in; text-indent: -3.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 5pt; font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></P></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Includes
                                         timing differences on foreign currency, investments in publicly traded partnerships,
                                         recognition of losses on securities sold and mark-to-market of Passive Foreign Investment
                                         Companies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Under
                                         the current tax law, capital losses and qualified late year ordinary losses incurred
                                         after October 31 may be deferred and treated as occurring on the first day of the following
                                         fiscal year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
financial reporting purposes, capital accounts and distributions to stockholders are adjusted to reflect the tax character of
permanent book/tax differences. For the year ended December 31, 2020, the Fund recorded the following permanent reclassifications,
which relate primarily to net operating losses, foreign currency transactions and gains from the sale of Passive Foreign Investment
Companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    DISTRIBUTABLE EARNINGS (LOSS)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: Black 1pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PAID-IN
    CAPITAL</B></FONT></TD>
    </TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,728</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: rgb(160,170,173) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1,728)</FONT></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management
has analyzed the Fund&rsquo;s tax positions taken on federal income tax returns for all open tax years (2017-2020) and has concluded
that as of December 31, 2020, no provision for income tax is required in the Fund&rsquo;s financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subsequent
Events:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsequent
events have been evaluated through the date the financial statements were issued.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
Annual Report to Stockholders | 21</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Report
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>To
the Board of Directors and Stockholders of Royce Global Value Trust, Inc.: </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Opinion
on the Financial Statements </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Royce Global Value
Trust, Inc. (the &ldquo;Fund&rdquo;) as of December 31, 2020, the related statements of operations and cash flows for the year
ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020,
including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively
referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Fund as of December 31, 2020, the results of its operations and its cash flows for the
year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial
highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally
accepted in the United States of America.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Basis
for Opinion </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">These
financial statements are the responsibility of the Fund&rsquo;s management. Our responsibility is to express an opinion on the
Fund&rsquo;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers;
when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable
basis for our opinion.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 303.45pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/PricewaterhouseCoopers
LLP<BR>
New York, New York <BR>
February 22, 2021</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 303.45pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10.05pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22
| 2020 Annual Report to Stockholders</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10.05pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
page is intentionally left blank.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
Annual Report to Stockholders | 23</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 11pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MANAGERS&rsquo;
    DISCUSSION (UNAUDITED)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a006_v1"></A>Royce
Micro-Cap Trust (RMT)</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="img013_v1.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Chuck
Royce</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Brendan Hartmann, Chris Flynn,</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Jim Stoeffel</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #638E8C">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #638E8C"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>FUND
PERFORMANCE</B>&nbsp;</FONT></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Royce
Micro-Cap Trust (&ldquo;RMT&rdquo;) advanced 33.6% on an NAV (net asset value) basis and gained 29.3% based on market price, outpacing
both of its benchmarks, the Russell 2000 and the Russell Microcap Indexes, which returned 20.0% and 21.0%, respectively, for the
same period.</B> The Fund also outpaced both indexes on an NAV basis for the three-, five-, 10-, 15-, and 20-year periods ended
12/31/20. In addition, RMT beat both benchmarks based on market price for all of these annualized periods except the 15-year span.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #638E8C"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>WHAT
WORKED&hellip; AND WHAT DIDN&rsquo;T&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the calendar year, 10 of the Fund&rsquo;s 11 equity sectors finished in the black. Information Technology, the Fund&rsquo;s largest
weighting, led by a wide margin, followed by Health Care and Industrials. Energy was the only sector that detracted, while Utilities
and Consumer Staples made the smallest contributions. At the industry level, two of the top contributors were in Information Technology:
electronic equipment, instruments &amp; components and semiconductors &amp; semiconductor equipment. Conversely, energy equipment
&amp; services and oil, gas &amp; consumable fuels, two industries in Energy, were the largest sources of underperformance for
the year.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
top performing security in 2020 was PAR Technology, which provides systems and service solutions for the hospitality industry.
Despite the pandemic-driven challenges this industry faced, PAR remained relatively resilient and saw a 3% increase in revenue
in 2Q20. The company was also aided by its recently released platform, Brink, which enables curbside pick-up and delivery while
also improving back-office operations. Virgin Galactic Holdings, an aerospace and space travel company, was also additive to performance
during the calendar year. Not yet profitable, the company still expects to begin commercial space flights in 2021. Although profitability
may prove elusive in the next year, the company did win more payload business from NASA in the second half of 2020, which provides
a potential source of near-term revenue. Rounding out the top three contributing securities was Arcturus Therapeutics Holdings,
a biotech company that performs discovery and development of therapeutics for rare diseases with a focus on RNA. The stock initially
surged early in 2020 when the company announced it was working on a single dose coronavirus vaccine. Its shares then advanced
again in November on news of more progress for this treatment.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
worst performing position in 2020 was offshore transport solutions specialist SEACOR Marine Holdings. In May, the company said
it was anticipating a significant negative impact on revenues through the rest of 2020 because of the pandemic, which, along with
plummeting oil and gas prices, greatly reduced demand for its services. The next biggest detractor was Computer Modelling Group,
a Canada-based software company that produces reservoir simulation software for the oil and gas industry. Declining revenues and
earnings resulted from the ongoing challenges endured by many companies exposed to the energy industry. Texas-based property &amp;
casualty insurer Hallmark Financial Services also detracted from performance as its revenues and earnings have not yet recovered
from pandemic-related difficulties for its industry. However, we are confident that it can meaningfully participate in the industry
rebound we think is likely to occur in 2021.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relative
to the Russell 2000 Index, performance was driven by savvy stock selection and sector allocation, with the former having a much
larger impact. Financials helped most by a large margin due to savvy stock selection and our lower exposure to the sector. Stock
picks and our higher weighting in Information Technology were additive, while our lower exposure and effective stock selection
were beneficial in Real Estate. On the other hand, ineffective stock picking and lower exposure hurt relative results in Health
Care. Relative performance was also hampered by our higher exposure to Energy and ineffective stock selection in Consumer Staples.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Top Contributors to Performance</B></FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Top Detractors from Performance</B></FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For 2020 (%)<SUP>1</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For 2020 (%)<SUP>2</SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PAR Technology</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.74</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEACOR Marine Holdings</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1.05</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Virgin Galactic Holdings</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.39</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer Modelling Group</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.75</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Arcturus Therapeutics Holdings</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.92</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hallmark Financial Services</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.70</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trupanion</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.78</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heritage-Crystal Clean</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.62</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Simulations Plus</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.69</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pason Systems</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.50</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP> Includes dividends</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP> Net of dividends</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,232,245)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #638E8C">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #638E8C"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>CURRENT
POSITIONING AND OUTLOOK&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
positive news on vaccines, in our view, was the critical element in the recent small-cap surge. We believe the reality of vaccines
has allowed investors to see past the current economic uncertainty to a tangible return to something like normal. These very encouraging
developments seem to have led them to take a fresh look at those companies, particularly in more cyclical areas, that had been
relatively neglected for the last few years. Many of these companies should receive an additional boost from ongoing monetary
and fiscal stimulus, along with an anticipated increase in the latter. We believe these measures will only add to the strength
of the global economy, which was beginning to accelerate before the pandemic. Our outlook for cyclicals in 2021 and 2022 is therefore
brighter than it was at the beginning of last year. Following the vaccine roll-out, all of these developments should support higher
growth rates than we were looking for a year ago. However, growth is likely to be unevenly distributed&mdash;and that is where
we think active managers can offer an edge. The ability to recognize patterns, understand industry dynamics, and evaluate management
teams should all prove crucial in such a climate.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24
&nbsp;| &nbsp;&nbsp;2020 Annual Report to Stockholders</FONT></P>





<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 27; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PERFORMANCE AND PORTFOLIO REVIEW
    (UNAUDITED)</FONT></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #638E8C"><B>SYMBOLS
                           </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MARKET PRICE
                           </FONT></B><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">RMT <B>NAV</B> XOTCX&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Performance
</B> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average Annual Total Return (%) Through
    12/31/20</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 34%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>JUL-DEC
    2020<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 5%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 5%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3-YR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 5%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 4%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 5%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25-YR</B></FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE
    INCEPTION<BR>
(12/14/93</B>)</FONT></TD>
    <TD STYLE="text-align: center; width: 1%; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RMT
    (NAV)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42.45</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.60</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.07</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.72</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.50</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.23</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.87</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.13</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.31</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1 </SUP>Not Annualized</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Market
Price Performance History Since Inception (12/14/93)</B>&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cumulative Performance of Investment<SUP>1</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE
    INCEPTION (12/14/93)</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RMT</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.3%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">110.8%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">194.9%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">197.5%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">694.9%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1410.8%</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -2.9pt; color: Red">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: Red"><IMG SRC="img014_v1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reflects
                                         the cumulative performance experience of a continuous common stockholder who purchased
                                         one share at inception ($7.50 IPO), reinvested all distributions and fully participated
                                         in the primary subscription of the Fund&rsquo;s 1994 rights offering.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -2.9pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reflects
                                         the actual month-end market price movement of one share as it has traded on NYSE and,
                                         prior to 12/1/03, on the Nasdaq.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Morningstar
Style Map&trade; </B>As of 12/31/20</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: Red">&nbsp;<IMG SRC="img015_v1.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
<B>Morningstar Style Map</B> is the <B>Morningstar Style Box&trade;</B> with the center 75% of fund holdings plotted as the <B>Morningstar
Ownership Zone&trade;</B>. The Morningstar Style Box is designed to reveal a fund&rsquo;s investment strategy. The Morningstar
Ownership Zone provides detail about a portfolio&rsquo;s investment style by showing the range of stock sizes and styles. The
Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the
shape and location of a fund&rsquo;s ownership zone may vary. See page 66 for additional information.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 88%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top
    10 Positions</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Net Assets</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PAR Technology</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mesa Laboratories</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">nLIGHT</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Magnite</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AutoCanada</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CIRCOR International</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Major Drilling Group
    International</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chicken Soup For The
    Soul</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Entertainment Cl.
    A</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trupanion</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Upland
    Software</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(160,170,173) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; width: 88%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio Sector
    Breakdown</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-top: Black 1pt solid; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Net Assets</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information Technology</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrials</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health Care</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financials</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer Discretionary</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Materials</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Communication Services</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real Estate</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer Staples</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Utilities</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diversified Investment
    Companies</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Outstanding Line of
    Credit, Net of Cash and Cash Equivalents</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-2.9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 94%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Calendar
    Year Total Returns (%)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RMT</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-11.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-11.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2011</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-7.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2010</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2009</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2008</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-45.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2007</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2006</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(160,170,173) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 88%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio Diagnostics</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 10%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fund Net Assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$516
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Number of Holdings</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">319</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Turnover Rate</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Asset Value</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.79</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market Price</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Leverage <SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.9%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average Market Capitalization
    <SUP>2</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$688
    million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted Average P/B
    Ratio <SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.6x</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Active Share <SUP>4</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S. Investments (%
    of Net Assets)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-U.S.
    Investments (% of Net Assets)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #A0AAAD 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(160,170,173) 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
                                         leverage is the percentage, in excess of 100%, of the total value of equity type investments,
                                         divided by net assets.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Geometric
                                         Average.</B> This weighted calculation uses each portfolio holding&rsquo;s market cap
                                         in a way designed to not skew the effect of very large or small holdings; instead, it
                                         aims to better identify the portfolio&rsquo;s center, which Royce believes offers a more
                                         accurate measure of average market cap than a simple mean or median.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Harmonic
                                         Average. </B>This weighted calculation evaluates a portfolio as if it were a single stock
                                         and measures it overall. It compares the total market value of the portfolio to the portfolio&rsquo;s
                                         share in the earnings or book value, as the case may be, of its underlying stocks.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Active
                                         Share </B>is the sum of the absolute values of the different weightings of each holding
                                         in the Fund versus each holding in the benchmark, divided by two.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Important
Performance and Risk Information&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">All
performance information reflects past performance, is presented on a total return basis, net of the Fund&rsquo;s investment advisory
fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may
be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.royceinvest.com. Certain
immaterial adjustments were made to the net assets of Royce Micro-Cap Trust at 6/30/19 for financial reporting purposes, and as
a result the net asset value originally calculated on that date and the total return based on that net asset value differs from
the adjusted net asset value and total return reported in the Financial Highlights. The market price of the Fund&rsquo;s shares
will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap
companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund&rsquo;s broadly
diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant
portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered
in U.S. investments. Regarding the &ldquo;Top Contributors&rdquo; and &ldquo;Top Detractors&rdquo; tables shown above, the sum
of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund&rsquo;s
year-to-date performance for 2020.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
Annual Report to Stockholders &nbsp;| 25</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a007_v1"></A>Royce Micro-Cap Trust</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule
    of Investments</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Stocks &ndash; 102.9%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VALUE</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COMMUNICATION SERVICES </B>&ndash; <B>3.5%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Ooma <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">548,640</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ORBCOMM
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">482,300</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,030,940</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ENTERTAINMENT - 2.2%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Chicken
    Soup For The Soul Entertainment Cl. A </B></FONT><A HREF="#d002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><SUP>1</SUP></B></FONT></A></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">358,200</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,160,418</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gaia
    Cl. A <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">988,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IMAX
    Corporation <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">186,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,362,532</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,510,950</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INTERACTIVE MEDIA &amp; SERVICES - 1.0%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A>
    </SUP>Eventbrite Cl. A <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,455</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">822,735</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">QuinStreet
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,257,984</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,080,719</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MEDIA - 0.1%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">comScore
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">297,195</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>740,016</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D6EAF7">
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total (Cost $13,783,484)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18,362,625</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CONSUMER DISCRETIONARY </B>&ndash; <B>11.8%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUTO COMPONENTS - 1.8%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exco
    Technologies</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43,507</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Motorcar
    Parts of America <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,075,176</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patrick
    Industries</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,250</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,179,037</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sebang
    Global Battery <SUP><A HREF="#d005">4</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,197,945</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Standard
    Motor Products</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,860</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,057,796</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stoneridge
    <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,741,248</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9,294,709</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DIVERSIFIED CONSUMER SERVICES - 1.9%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aspen
    Group <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">141,520</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,575,118</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Collectors
    Universe <SUP><A HREF="#d003">2</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,400</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,478,760</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Park
    Lawn</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,097,494</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal
    Technical Institute <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">445,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,874,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,026,072</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HOTELS, RESTAURANTS &amp; LEISURE - 2.0%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Century
    Casinos <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">222,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,421,775</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>GAN
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,855,620</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inspired
    Entertainment <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">329,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Lindblad
    Expeditions Holdings <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">320,968</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,494,972</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Red
    Lion Hotels <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">280,271</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">969,738</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,071,105</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HOUSEHOLD DURABLES - 1.0%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cavco
    Industries <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,508,870</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legacy
    Housing <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">117,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,767,870</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lifetime
    Brands <SUP><A HREF="#d003">2</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">119,294</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,813,269</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal
    Electronics <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">320,006</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,410,015</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INTERNET &amp; DIRECT MARKETING RETAIL - 1.8%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Magnite
    <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">289,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,890,545</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Trxade
    Group <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,503</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Yatra
    Online <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,650</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9,202,698</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LEISURE PRODUCTS - 0.6%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clarus
    Corporation</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">175,703</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,705,826</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MasterCraft
    Boat Holdings <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">367,632</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,073,458</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPECIALTY RETAIL - 2.2%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AutoCanada</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">440,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,161,207</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Barnes
    &amp; Noble Education <SUP><A HREF="#d002">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">372,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Destination
    XL Group <SUP><A HREF="#d002">1</A>,<A HREF="#d005">4</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,405</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; width: 76%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lazydays
    Holdings <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,000</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">487,500</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>OneWater
    Marine Cl. A <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,899</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">811,582</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shoe
    Carnival <A HREF="#d003"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,616</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,160,355</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stage
    Stores <A HREF="#d002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#d006"><SUP>5</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zumiez
    <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">353,088</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,359,137</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TEXTILES, APPAREL &amp; LUXURY GOODS - 0.5%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crown
    Crafts</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86,359</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">617,467</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">J
    G Boswell Company <A HREF="#d005"><SUP>4</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,490</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,451,670</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">YGM
    Trading <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,564,600</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">612,001</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,681,138</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D6EAF7">
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $43,531,909)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>61,118,332</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CONSUMER STAPLES </B>&ndash; <B>1.9%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BEVERAGES - 0.3%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crimson
    Wine Group <A HREF="#d002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#d005"><SUP>4</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,124</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">310,963</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Eastside
    Distilling <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,440</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MGP
    Ingredients</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">941,200</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Primo
    Water</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,791</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">420,083</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,701,686</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FOOD PRODUCTS - 1.4%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Farmer
    Bros. <A HREF="#d002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#d003"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,300</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">146,171</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">John
    B Sanfilippo &amp; Son <A HREF="#d003"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,900</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">622,994</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Landec
    Corporation <A HREF="#d002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#d003"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,610</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">820,369</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RiceBran
    Technologies <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Seneca
    Foods Cl. A <A HREF="#d002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#d003"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,087</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,235,371</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Seneca
    Foods Cl. B <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,400</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,598,224</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SunOpta
    <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">583,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,037,129</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HOUSEHOLD PRODUCTS - 0.1%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central
    Garden &amp; Pet <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>463,320</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PERSONAL PRODUCTS - 0.1%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A HREF="#d001"><SUP>&dagger;</SUP></A>e.l.f.
    Beauty <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,300</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>712,877</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D6EAF7">
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $6,418,191)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9,915,012</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DIVERSIFIED INVESTMENT COMPANIES </B>&ndash;
    <B>0.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CLOSED-END
    FUNDS - 0.2%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; text-indent: 0; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A HREF="#d001"><SUP>&dagger;</SUP></A>CC
    Neuberger Principal Holdings I Cl. A <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,200</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>912,728</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #D6EAF7">
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $869,941)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(204,204,204) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>912,728</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ENERGY </B>&ndash; <B>5.2%</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ENERGY EQUIPMENT &amp; SERVICES - 2.8%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aspen
    Aerogels <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121,185</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,022,578</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bristow
    Group <A HREF="#d002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#d003"><SUP>2</SUP></A><SUP>,</SUP><A HREF="#d004"><SUP>3</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177,900</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,682,328</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CES
    Energy Solutions</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,139</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer
    Modelling Group</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">594,875</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,280,611</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dawson
    Geophysical <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,336</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163,952</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Geospace
    Technologies <A HREF="#d002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#d003"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,320</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Independence
    Contract Drilling <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,700</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nabors
    Industries</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">680</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,596</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North
    American Construction Group</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">494,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pason
    Systems</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,500</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,253,594</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Profire
    Energy <A HREF="#d002"><SUP>1</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">175,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149,188</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEACOR
    Marine Holdings <A HREF="#d002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#d003"><SUP>2</SUP></A></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">216,957</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">587,954</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TerraVest
    Industries</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">199,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,498,248</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(160,170,173) 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14,293,208</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OIL, GAS &amp; CONSUMABLE FUELS - 2.4%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ardmore
    Shipping</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,100</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">324,057</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A HREF="#d001"><SUP>&dagger;</SUP></A>Brigham
    Minerals Cl. A</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">220,000</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,417,800</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 63%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 11pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December
    31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule
    of Investments (continued)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid"><B>&nbsp;</B></TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B></FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VALUE</B></FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">ENERGY (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">OIL, GAS &amp; CONSUMABLE FUELS (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-left: 0.125in">Dorchester Minerals L.P.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">153,963</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,679,736</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorian LPG <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,138</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,988,652</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in">GeoPark</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,134,261</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Navigator Holdings <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,916,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ring Energy <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,995</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sabine Royalty Trust <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,648</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,332,327</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">StealthGas <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">229,664</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">539,711</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">12,365,789</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $34,050,980)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">26,658,997</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">FINANCIALS &ndash; 12.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>BANKS - 1.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Bryn Mawr Bank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">764,875</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caribbean Investment Holdings <SUP><A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">735,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">399,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Chemung Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,052,450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fauquier Bankshares <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,315,016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><SUP><A HREF="#d001">&dagger;</A></SUP>HBT Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Live Oak Bancshares <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,466,514</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Midway Investments <SUP><A HREF="#d002">1</A>,<A HREF="#d006">5</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">735,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>TriState
    Capital Holdings <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">42,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">744,720</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">7,076,763</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CAPITAL MARKETS - 8.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">ASA Gold and Precious Metals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,743,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ashford <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">B. Riley Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,216,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><SUP><A HREF="#d001">&dagger;</A></SUP>Barings BDC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,980,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Bolsa Mexicana de Valores</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,068,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,545,553</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Canaccord Genuity Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,782,409</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Donnelley Financial Solutions <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">848,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Fiera Capital Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">654,443</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>GCM
    Grosvenor Cl. A <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">380,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,072,256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">JZ Capital Partners <SUP><A HREF="#d002">1</A>,<A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Manning &amp; Napier Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">856,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Portman Ridge Finance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,094</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Silvercrest Asset Management Group Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,112,749</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in">Sprott</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,123,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">StoneX Group <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,327</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,014,033</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Tel
    Aviv Stock Exchange <SUP><A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,748,233</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S. Global Investors Cl. A <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">439,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,395,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Urbana Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">541,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value Line <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,574</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,458,705</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VNV Global SDR <SUP><A HREF="#d002">1</A>,<A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,425,702</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Warsaw Stock Exchange <SUP><A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">647,003</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Westaim Corporation <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">500,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">978,082</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">41,326,844</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONSUMER FINANCE - 0.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Currency Exchange International <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,767</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EZCORP Cl. A <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">201,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">962,790</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">1,023,557</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">DIVERSIFIED FINANCIAL SERVICES - 0.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">ECN Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,826,082</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Waterloo Investment Holdings <SUP><A HREF="#d002">1</A>,<A HREF="#d006">5</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">806,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">201,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">3,027,582</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>INSURANCE - 1.5%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hallmark Financial Services <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">405,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>ProSight
    Global <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">416,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trupanion <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">58,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">7,015,006</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">7,837,821</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">INVESTMENT COMPANIES - 0.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oaktree Acquisition (Units) <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">200,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left"></TD><TD STYLE="width: 12%; border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">3,160,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $48,217,674)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">63,452,567</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">HEALTH CARE &ndash; 15.8%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>BIOTECHNOLOGY - 2.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Abeona Therapeutics <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">223,287</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Arcturus Therapeutics Holdings <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,463,286</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Avid
    Bioservices <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">248,110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CareDx <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,369,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Idera Pharmaceuticals <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213,084</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Larimar Therapeutics <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,064</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>MeiraGTx
    Holdings <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">725,206</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Neoleukin Therapeutics <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,050,098</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Theratechnologies <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,061</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Zealand Pharma <SUP><A HREF="#d002">1</A>,<A HREF="#d005">4</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,558,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Zealand Pharma ADR <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">359,400</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">14,836,149</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">HEALTH CARE EQUIPMENT &amp; SUPPLIES - 7.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Apyx Medical <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AtriCure <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">835,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Atrion Corporation <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,011,463</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>BioLife
    Solutions <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,344,293</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chembio Diagnostics <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">645,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CryoLife <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">823,989</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>CryoPort
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421,248</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cutera <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320,663</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">LeMaitre Vascular</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">753,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mesa Laboratories <SUP><A HREF="#d003">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,905,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Misonix
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">787,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OraSure Technologies <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">529,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">OrthoPediatrics Corporation <SUP><A HREF="#d002">1</A></SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">936,375</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oxford Immunotec Global <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><SUP><A HREF="#d001">&dagger;</A></SUP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Profound
    Medical <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">689,265</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Repro-Med
    Systems <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">313,040</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Semler Scientific <SUP><A HREF="#d002">1</A>,<A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,060,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>SI-BONE
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Surmodics <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,472,896</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Tactile
    Systems Technology <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">480,858</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Utah Medical Products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">31,350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">2,642,805</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">36,102,093</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">HEALTH CARE PROVIDERS &amp; SERVICES - 2.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AAC Holdings <SUP><A HREF="#d002">1</A>,<A HREF="#d006">5</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Akumin
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BioTelemetry <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,245,470</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CRH Medical <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,112,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cross Country Healthcare <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,160,196</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Great
    Elm Group <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,552,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Joint
    Corp. (The) <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,884</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,544,174</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National Research <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,668</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,995,057</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PetIQ Cl. A <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">961,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Psychemedics Corporation <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,875</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><SUP><A HREF="#d001">&dagger;</A></SUP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sharps
    Compliance </FONT><A HREF="#d002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">505,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.085in"><SUP><A HREF="#d001">&dagger;</A></SUP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Surgery
    Partners </FONT><A HREF="#d002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">17,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">496,071</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">11,793,554</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">HEALTH CARE TECHNOLOGY - 1.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.085in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>OptimizeRx
    Corporation <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">713,564</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Simulations Plus <SUP><A HREF="#d003">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,154,194</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tabula Rasa HealthCare <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,645,056</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 27</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif">Royce
Micro-Cap Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule
of Investments (continued)</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(204,204,204) 1pt solid">SHARES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(204,204,204) 1pt solid">VALUE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">HEALTH CARE (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">HEALTH CARE TECHNOLOGY (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vocera Communications <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right">33,100</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: rgb(204,204,204) 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: rgb(204,204,204) 1pt solid; text-align: right">1,374,643</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">9,887,457</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">LIFE SCIENCES TOOLS &amp; SERVICES - 1.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Harvard Bioscience <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">830,973</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Quanterix Corporation <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">127,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">5,928,750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">6,759,723</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>PHARMACEUTICALS - 0.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Agile Therapeutics <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Knight Therapeutics <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">785,961</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Theravance Biopharma <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">59,009</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">1,048,590</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">2,092,851</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $45,271,278)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">81,471,827</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">INDUSTRIALS &ndash; 19.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">AEROSPACE &amp; DEFENSE - 1.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Astronics Corporation <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CPI Aerostructures <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">695,326</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Innovative Solutions and Support</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,828</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">513,959</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.065in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>PAE
    Cl. A <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">665,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SIFCO Industries <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384,720</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Virgin Galactic Holdings <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">121,050</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">2,872,516</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">5,227,711</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">AIR FREIGHT &amp; LOGISTICS - 0.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Atlas Air Worldwide Holdings <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">545,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Echo Global Logistics <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">20,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">536,400</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">1,081,800</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BUILDING PRODUCTS - 1.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Burnham Holdings Cl. A <SUP><A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,406,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CSW Industrials <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,238,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DIRTT Environmental Solutions <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Insteel Industries <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">984,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.065in"><SUP><A HREF="#d001">&dagger;</A></SUP>Quanex Building Products</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">9,900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">219,483</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">5,082,908</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">COMMERCIAL SERVICES &amp; SUPPLIES - 1.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Acme United</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">753,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Atento <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">295,691</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Civeo <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">521,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">CompX International Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,115</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Harsco Corporation <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heritage-Crystal Clean <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,591,631</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hudson Technologies <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PICO Holdings <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,133,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Team <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">93,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">1,016,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">7,033,803</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONSTRUCTION &amp; ENGINEERING - 4.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ameresco Cl. A <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,479,976</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Construction Partners Cl. A <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,520,926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Granite Construction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360,585</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IES Holdings <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,580,048</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Infrastructure and Energy Alternatives <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,558,407</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Matrix Service <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,364</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Northwest Pipe <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,681,020</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NV5 Global <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">13,400</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">1,055,652</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">21,326,978</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">ELECTRICAL EQUIPMENT - 1.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Superconductor <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,253,556</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Encore Wire <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,307</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">LSI Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,558,734</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Powell Industries <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">21,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 12%; text-align: right">631,086</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Power Solutions International <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d005">4</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">21,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">65,410</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">5,709,091</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">INDUSTRIAL CONGLOMERATES - 0.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Raven Industries <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">100,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">3,328,854</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>MACHINERY - 4.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CIRCOR International <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210,921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,107,803</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Graham Corporation <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,414,017</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helios Technologies  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,664,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hurco Companies  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,866</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,105,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">L B Foster Company <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,434,265</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindsay Corporation  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,343,936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Luxfer Holdings  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NN <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">595,242</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Shyft Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">488,136</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Titan International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,031,292</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Wabash National</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,272</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Westport Fuel Systems <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">491,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">2,617,563</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">25,124,824</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>MARINE - 1.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Algoma Central</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437,426</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clarkson <SUP><A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,059,810</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Eagle Bulk Shipping <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">81,428</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">1,547,132</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">6,044,368</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">PROFESSIONAL SERVICES - 0.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acacia Research <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">748,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Barrett Business Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,346</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forrester Research <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,780,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Franklin Covey <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">893,027</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GP Strategies <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518,282</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Resources Connection</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">59,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">745,401</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">4,863,406</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">ROAD &amp; RAIL - 0.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.065in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>Covenant
    Logistics Group Cl. A <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,630</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.065in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>HyreCar
    <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">469,812</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Marten Transport</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,613</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patriot Transportation Holding  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489,608</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal Logistics Holdings  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">75,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">1,548,368</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">2,913,031</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">TRADING COMPANIES &amp; DISTRIBUTORS - 2.8%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EVI Industries <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,513,853</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Houston Wire &amp; Cable <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">924,656</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lawson Products <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,858,215</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transcat <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">153,007</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">5,306,283</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">14,603,007</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $77,091,825)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">102,339,781</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">INFORMATION TECHNOLOGY &ndash; 23.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">COMMUNICATIONS EQUIPMENT - 0.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clearfield
<SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,106,144</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Digi
International <SUP><A HREF="#d002">1</A> </SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">865,620</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Genasys <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,716</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Ituran Location and Control</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">952,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in">PCTEL</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">34,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">224,037</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">4,398,017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">ELECTRONIC EQUIPMENT, INSTRUMENTS &amp; COMPONENTS - 9.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Bel Fuse Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">903,862</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fabrinet <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170,698</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 72%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December
    31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule
of Investments (continued)</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(204,204,204) 1pt solid">SHARES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(204,204,204) 1pt solid">VALUE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">INFORMATION TECHNOLOGY (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">ELECTRONIC EQUIPMENT, INSTRUMENTS &amp; COMPONENTS (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FARO Technologies <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">72,100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,092,423</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Firan Technology Group <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,262</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">HollySys Automation Technologies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">762,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LightPath Technologies Cl. A <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">392,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Luna Innovations <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">446,878</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,415,154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>nLIGHT <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">337,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,009,580</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Novanta <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">401,948</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PAR Technology <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">303,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,033,156</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PC Connection <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,416</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,580,243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.065in"><SUP><A HREF="#d001">&dagger;</A></SUP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PowerFleet
    </FONT><A HREF="#d002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">817,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Richardson Electronics</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">316,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,492,599</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SMTC Corporation <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">744,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vishay Precision Group <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">41,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">1,315,864</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">48,171,500</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">IT SERVICES - 0.5%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer Task Group <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518,976</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hackett Group (The)  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398,603</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.065in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>International
    Money Express <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,585</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">816,119</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Limelight Networks <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,997</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USA Technologies <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">90,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">948,440</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">2,763,135</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SEMICONDUCTORS &amp; SEMICONDUCTOR EQUIPMENT - 6.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alpha &amp; Omega Semiconductor <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423,156</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amtech Systems <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,184</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">588,134</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Axcelis Technologies <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">669,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AXT <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">957,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brooks Automation  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,012,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Camtek <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,274,258</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in">Cohu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,488,638</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CyberOptics Corporation <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,234,336</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FormFactor <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">983,824</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ichor Holdings <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">774,727</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kulicke &amp; Soffa Industries  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,455,732</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nova Measuring Instruments <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,666,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.065in"><SUP><A HREF="#d001">&dagger;</A></SUP>NVE Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Onto Innovation <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,331,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PDF Solutions <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,093,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Photronics <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">240,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,687,328</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Silicon Motion Technology ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ultra Clean Holdings <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,249,030</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Veeco Instruments <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">17,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">303,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: -0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">35,678,139</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>SOFTWARE - 5.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Agilysys <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,098,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Software Cl. A  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,066,444</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.065in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#d001">&dagger;</A></SUP>AudioEye
    </FONT><A HREF="#d002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,291,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Digital Turbine <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,639,032</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Model N <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,784,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OneSpan <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,808</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Optiva <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">767,916</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">QAD Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,487</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,862,988</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RealNetworks <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,267</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SeaChange International <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SharpSpring <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,161,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Upland Software <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">148,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">6,800,898</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">26,815,821</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">TECHNOLOGY HARDWARE, STORAGE &amp; PERIPHERALS - 1.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in">AstroNova</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">816,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Avid Technology <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">43,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 12%; text-align: right">693,519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Intevac <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">539,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,889,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TransAct Technologies <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">40,900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">290,390</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">5,689,838</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $70,156,926)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">123,516,450</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">MATERIALS &ndash; 5.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>CHEMICALS - 0.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LSB Industries <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">460,362</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rayonier Advanced Materials <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">326,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">786,362</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONSTRUCTION MATERIALS - 0.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Monarch Cement <SUP><A HREF="#d005">4</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">8,150</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">564,387</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONTAINERS &amp; PACKAGING - 0.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UFP Technologies <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A>,<A HREF="#d004">3</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">36,445</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">1,698,337</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">METALS &amp; MINING - 4.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Alamos Gold Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,280,469</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.065in"><SUP><A HREF="#d001">&dagger;</A></SUP>Altius Minerals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,215,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ampco-Pittsburgh <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,931</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Haynes International  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">986,976</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Imdex <SUP><A HREF="#d005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">650,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">865,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MAG Silver <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,161,106</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Major Drilling Group International <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,204,084</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,274,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Olympic Steel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">466,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pretium Resources <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">916,961</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Sandstorm Gold <SUP><A HREF="#d002">1</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">810,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,807,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal Stainless &amp; Alloy Products <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">33,620</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">251,478</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">23,659,391</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $22,130,182)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">26,708,477</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">REAL ESTATE &ndash; 2.8%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Postal Realty Trust Cl. A</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">114,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">1,924,320</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">REAL ESTATE MANAGEMENT &amp; DEVELOPMENT - 2.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Altus Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,358,614</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dundee Corporation Cl. A <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">413,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">451,212</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Marcus &amp; Millichap <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,427</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real Matters <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,463,505</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RMR Group (The) Cl. A  <SUP><A HREF="#d003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,911,948</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tejon Ranch <SUP><A HREF="#d002">1</A>,<A HREF="#d003">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">154,994</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">2,239,663</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">12,607,369</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $14,607,101)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">14,531,689</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">UTILITIES &ndash; 0.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">INDEPENDENT POWER &amp; RENEWABLE ELECTRICITY PRODUCER - 0.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Innergex Renewable Energy</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">15,573</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">334,852</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">WATER UTILITIES - 0.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; border-bottom: rgb(204,204,204) 1pt solid">Global Water Resources</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">106,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">1,527,460</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $837,426)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">1,862,312</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">TOTAL COMMON STOCKS</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">(Cost $376,966,917)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">530,850,797</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 29</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Micro-Cap Trust</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December
    31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Schedule of Investments (continued)</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(204,204,204) 1pt solid">SHARES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(204,204,204) 1pt solid">VALUE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">WARRANTS &ndash; 0.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">INDUSTRIALS &ndash; 0.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONSTRUCTION &amp; ENGINEERING - 0.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Infrastructure and Energy Alternatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-bottom: 1pt; padding-left: 0.25in; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Warrants) <SUP><A HREF="#d002">1</A></SUP></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">100,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">287,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $106,385)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">287,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">INFORMATION TECHNOLOGY &ndash; 0.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">SEMICONDUCTORS &amp; SEMICONDUCTOR EQUIPMENT - 0.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">eMagin Corporation (Warrants) <SUP><A HREF="#d002">1</A>,<A HREF="#d006">5</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Total (Cost $0)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">TOTAL WARRANTS</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">(Cost $106,385)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">292,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">REPURCHASE AGREEMENT&ndash; 1.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">Fixed Income Clearing Corporation, 0.00% dated 12/31/20, due 1/4/21, maturity value $6,976,156 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 12/31/22, valued at $7,115,700)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">(Cost $6,976,156)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">6,976,156</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">TOTAL INVESTMENTS &ndash; 104.3%</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">(Cost $384,049,458)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">538,118,953</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">LIABILITIES LESS CASH AND OTHER ASSETS &ndash; (4.3)%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; font-weight: bold; text-align: right">(22,203,021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(204,204,204) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(204,204,204) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">NET ASSETS &ndash; 100.0%</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">515,915,932</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADR
&ndash; American Depository Receipt <BR>
SDR &ndash; Swedish Depository Receipt</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="d001"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>
New additions in 2020.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="d002"></A><SUP>1</SUP>
Non-income producing.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="d003"></A><SUP>2</SUP>
All or a portion of these securities were pledged as collateral in connection with the Fund&rsquo;s revolving credit agreement at
December 31, 2020. Total market value of pledged securities at December 31, 2020, was $62,606,321.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="d004"></A><SUP>3</SUP>
At December 31, 2020, a portion of these securities were rehypothecated in connection with the Fund&rsquo;s revolving credit
agreement in the aggregate amount of $17,650,495.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="d005"></A><SUP>4</SUP>
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities
and/or due to the application of fair value factors. See Notes to Financial Statements.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="d006"></A><SUP>5</SUP>
Securities for which market quotations are not readily available represent 0.0% of net assets. These securities have been
valued at their fair value under procedures approved by the Fund&rsquo;s Board of Directors. These securities are defined as Level
3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial
Statements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Bold
indicates the Fund&rsquo;s 20 largest equity holdings in terms of December 31, 2020, market value. </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TAX
INFORMATION: </B>The cost of total investments for Federal income tax purposes was $388,999,034. At December 31, 2020, net unrealized
appreciation for all securities was $149,119,919 consisting of aggregate gross unrealized appreciation of $207,253,082 and aggregate
gross unrealized depreciation of $58,133,163. The primary causes of the difference between book and tax basis cost are the timing
of the recognition of losses on securities sold, investments in publicly traded partnerships and Trusts, investments in Real Estate
Investment Trusts and mark-to-market of Passive Foreign Investment Companies.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 74%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December
31, 2020</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT>&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a008_v1"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
of Assets and Liabilities&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ASSETS:</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    at value</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">531,142,797</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repurchase
    agreements (at cost and value)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,976,156</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    currency (cost $9,636)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,662</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Receivable
    for investments sold</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">467,659</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Receivable
    for dividends</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">173,868</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Prepaid
    expenses and other assets</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,659</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>538,804,801</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LIABILITIES:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revolving
    credit agreement</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,000,000</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for investments purchased</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">333,912</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for investment advisory fee</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">429,536</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for directors&rsquo; fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,783</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for interest expense</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,403</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accrued
    expenses</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82,235</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22,888,869</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>515,915,932</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ANALYSIS OF NET ASSETS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paid-in
    capital - $0.001 par value per share; 43,764,788 shares outstanding (150,000,000 shares authorized)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">366,205,468</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total distributable earnings (loss)</FONT></TD>
    <TD STYLE="border-bottom: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149,710,464</FONT></TD>
    <TD STYLE="border-bottom: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Assets (net asset value per share - $11.79)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>515,915,932</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    at identified cost</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">377,073,302</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 31</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royce
Micro-Cap Trust&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year
Ended December 31, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
of Operations</B> &nbsp; &nbsp; &nbsp; &nbsp;</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 85%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INVESTMENT INCOME:</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INCOME:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,238,924</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    withholding tax</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(144,315</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,901</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rehypothecation
    income</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">157,549</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    income</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,260,059</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EXPENSES:</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment
    advisory fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,626,259</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest
    expense</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">358,601</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Administrative
    and office facilities</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">185,594</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stockholder
    reports</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,004</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Directors&rsquo;
    fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,088</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Custody
    and transfer agent fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,262</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Professional
    fees</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,858</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    expenses</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56,379</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,574,045</B></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    investment income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,313,986</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
    AND FOREIGN CURRENCY:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET REALIZED
    GAIN (LOSS):</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,288,405</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    currency transactions</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,871</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET CHANGE
    IN UNREALIZED APPRECIATION (DEPRECIATION):</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,192,464</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    assets and liabilities denominated in foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,923</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    realized and unrealized gain (loss) on investments and foreign currency</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>126,474,921</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>125,160,935</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 70%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust&nbsp;&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
of Changes in Net Assets</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR
    ENDED 12/31/20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR
    ENDED 12/31/19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT OPERATIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,313,986</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">382,166</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net realized
    gain (loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,280,534</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,750,780</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net change
    in unrealized appreciation (depreciation) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,194,387</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,498,864</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    increase (decrease) in net assets from investment operations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>125,160,935</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>74,631,810</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    distributable earnings</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,108,860</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27,923,323</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    distributions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(26,108,860</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(27,923,323</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL STOCK TRANSACTIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reinvestment
    of distributions</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,056,861</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,599,364</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    capital stock transactions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,056,861</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,599,364</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Increase (Decrease) In Net Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>111,108,936</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>59,307,851</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET ASSETS:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Beginning
    of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>404,806,996</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>345,499,145</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>End
    of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>515,915,932</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>404,806,996</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 33</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Year
Ended December 31, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
of Cash Flows</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CASH FLOWS FROM OPERATING ACTIVITIES:</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net increase
    (decrease) in net assets from investment operations</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,160,935</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjustments
    to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchases
    of long-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(72,745,719</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from sales and maturities of long-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,112,913</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    purchases, sales and maturities of short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,813,844</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    (increase) decrease in dividends and interest receivable and other assets</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,810</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase (decrease) in interest expense payable, accrued expenses and other liabilities</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,123</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    change in unrealized appreciation (depreciation) on investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(99,192,464</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    realized gain (loss) on investments</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27,288,405</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    cash provided by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,994,037</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CASH FLOWS FROM FINANCING ACTIVITIES:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,108,860</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reinvestment
    of distributions</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,056,861</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    cash used for financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(14,051,999</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INCREASE
    (DECREASE) IN CASH:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(57,962</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash
    and foreign currency at beginning of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67,624</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash
    and foreign currency at end of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9,662</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Supplemental
disclosure of cash flow information:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
the year ended December 31, 2020, the Fund paid $390,445 in interest expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 70%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial
Highlights&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders
in evaluating the Fund&rsquo;s performance for the periods presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEARS
    ENDED</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/20</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/19</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/18</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/17</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/16</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Asset Value, Beginning of Period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.63</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.53</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10.48</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.63</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.59</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT OPERATIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.01</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.01</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.06</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net realized
    and unrealized gain (loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.86</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.81</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.18</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.52</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.70</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    increase (decrease) in net assets from investment operations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.83</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.82</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.17</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.58</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.73</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment
    income</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.08</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.00</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.08</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net realized
    gain on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.53</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.65</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.75</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.63</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.56</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    distributions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.61</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.68</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.75</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.69</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.64</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL STOCK TRANSACTIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Effect
    of reinvestment of distributions by Common Stockholders</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.05</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    capital stock transactions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.06</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.04</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.03</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.04</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.05</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Asset Value, End of Period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11.79</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.63</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.53</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10.48</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.63</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D6EAF7">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Market
    Value, End of Period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10.12</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.54</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7.42</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9.44</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.16</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL RETURN:<SUP><A HREF="#e001_v1">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Asset
    Value</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.60</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.44</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.62</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.67</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.98</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Value</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.32</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.82</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14.65</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.09</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RATIOS BASED ON AVERAGE NET ASSETS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment
    advisory fee expense<SUP><A HREF="#e002_v1">2</A></SUP></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.19</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.85</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.923</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.49</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.87</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.24</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.35</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.43</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.40</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.39</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    expenses (net)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.43</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.20</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.35</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.89</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.26</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses
    excluding interest expense</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.34</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.01</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.05</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.62</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.02</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses
    prior to balance credits</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.43</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.20</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.35</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.89</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.26</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.56</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.32</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SUPPLEMENTAL DATA:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Assets,
    End of Period (in thousands)</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">515,916</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">404,807</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">345,499</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">409,905</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">363,701</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Portfolio
    Turnover Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REVOLVING CREDIT AGREEMENT:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    coverage</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2445</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1940</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1670</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1011</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">908</FONT></TD>
    <TD STYLE="border-bottom: #A0AAAD 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset coverage
    per $1,000</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,451</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,400</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,705</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,109</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,082</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="e001_v1"></A><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         Market Value Total Return is calculated assuming a purchase of Common Stock on the opening
                                         of the first business day and a sale on the closing of the last business day of each&nbsp;period.
                                         Dividends and distributions are assumed for the purposes of this calculation to be reinvested
                                         at prices obtained under the Fund&rsquo;s Distribution Reinvestment and Cash Purchase&nbsp;Plan.
                                         Net Asset Value Total Return is calculated on the same basis, except that the Fund&rsquo;s
                                         net asset value is used on the purchase, sale and dividend reinvestment dates instead
                                         of market&nbsp;value.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="e002_v1"></A><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         investment advisory fee is calculated based on average net assets over a rolling 36-month
                                         basis, while the above ratios of investment advisory fee expenses are based on the average&nbsp;net
                                         assets over a 12-month basis.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="e003_v1"></A><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Includes
                                         the impact of the adjustment of prior period&rsquo;s performance fees of 0.06%.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 35</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Summary
of Significant Accounting Policies </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
Micro-Cap Trust, Inc. (the &ldquo;Fund&rdquo;), is a diversified closed-end investment company that was incorporated under the
laws of the State of Maryland on September 9, 1993. The Fund commenced operations on December 14, 1993.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during
the reporting period. Actual results could differ from those estimates.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 &ldquo;Financial Services-Investment Companies.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
&amp; Associates, LP, the Fund&rsquo;s investment adviser, primarily conducts business using the name Royce Investment Partners
(&ldquo;Royce&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION
OF INVESTMENTS:&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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&rsquo;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&rsquo;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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Various
inputs are used in determining the value of the Fund&rsquo;s investments, as noted above. These inputs are summarized in the three
broad levels below:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 0.5in; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 1&nbsp;&ndash;&nbsp;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">quoted
prices in active markets for identical securities.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 0.5in; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level
                            2&nbsp;&ndash;&nbsp;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 and foreign securities that were fair valued are noted in the Schedule of Investments.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 8.65pt"></TD><TD STYLE="width: 0.5in; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 3&nbsp;&ndash;&nbsp;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following is a summary of the inputs used to value the Fund&rsquo;s investments as of December 31, 2020. For a detailed breakout
of common stocks by sector classification, please refer to the Schedule of Investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    1</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    2</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    3</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$506,818,530</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$23,830,767</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$201,500</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$530,850,797</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Warrants</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Gainsboro 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">287,000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Gainsboro 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Gainsboro 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 10pt; border-bottom: Gainsboro 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>292,000</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repurchase
    Agreement</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,976,156</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,976,156</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued)</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION
OF INVESTMENTS (continued):&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level
3 Reconciliation:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF 12/31/19</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SALES</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TRANSFERS
    IN</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS)</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNREALIZED
    GAIN (LOSS)<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF 12/31/20</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$241,800</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(2,003,114)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,962,814</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$201,500</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Warrants</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         net change in unrealized appreciation (depreciation) is included in the accompanying
                                         Statement of Operations. Change in unrealized appreciation (depreciation) includes net
                                         unrealized appreciation (depreciation) resulting from changes in investment values during
                                         the reporting period and the reversal of previously recorded unrealized appreciation
                                         (depreciation) when gains or losses are realized. Net realized gain (loss) from investments
                                         and foreign currency transactions is included in the accompanying Statement of Operations.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.65pt; text-indent: -0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REPURCHASE
AGREEMENTS:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may enter into repurchase agreements with institutions that the Fund&rsquo;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 December 31, 2020 is overnight and continuous.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FOREIGN
CURRENCY:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies,
expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities
transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund&rsquo;s
books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses
arise from changes in the value of assets and liabilities, other than investments in securities at the end of the reporting period,
as a result of changes in foreign currency exchange rates.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments
from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized
and unrealized gain or loss on investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TAXES:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes
to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes
information regarding income taxes under the caption &ldquo;Tax Information.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISTRIBUTIONS:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund pays quarterly distributions on the Fund&rsquo;s Common Stock at the annual rate of 7% of the rolling average of the prior
four calendar quarter-end NAVs of the Fund&rsquo;s Common Stock, with the fourth quarter distribution being the greater of 1.75%
of the rolling average or the distribution required by IRS regulations. Distributions to Common Stockholders are recorded on ex-dividend
date. To the extent that distributions in any year are not paid from long-term capital gains, net investment income or net short-term
capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations
that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences
relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment
income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or
gain remaining undistributed at fiscal year end is distributed in the following year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INVESTMENT
TRANSACTIONS AND RELATED INVESTMENT INCOME:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income
is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premiums and
discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment
transactions are determined on the basis of identified cost for book and tax purposes.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXPENSES:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund&rsquo;s operations,
while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and
other administrative expenses related to the Funds are allocated by Royce under an administration agreement and are included in
administrative and office facilities and professional fees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 97%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 0pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued) </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPENSATING
BALANCE CREDITS:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has an arrangement with its custodian bank, whereby a portion of the custodian&rsquo;s fee is paid indirectly by credits earned
on the Fund&rsquo;s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely,
the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive
cash balances.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital
Stock:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund issued 1,745,537 and 1,519,172 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2020
and December 31, 2019, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Borrowings:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI).
The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed
by the Fund under the credit agreement. The credit agreement has a 179-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 comply with other financial covenants
set forth in 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&rsquo;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. BNPPI may also terminate the credit agreement upon sixty (60) calendar
days&rsquo; prior written notice to the Fund in the event the Fund&rsquo;s net asset value per share as of the close of business
on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund&rsquo;s net asset value
per share as of the close of business on the last business day of the immediately preceding calendar month.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
current maximum amount the Fund may borrow under the credit agreement is $22,000,000. The Fund has the right to reduce the maximum
amount it can borrow under the credit agreement upon one (1) business day&rsquo;s prior written notice to BNPPI. In addition,
the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not
exceed $60,000,000.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of December 31, 2020, the Fund has outstanding borrowings of $22,000,000. During the year ended December 31, 2020, the Fund borrowed
an average daily balance of $22,000,000 at a weighted average borrowing cost of 1.60%. The maximum amount outstanding during the
year ended December 31, 2020, was $22,000,000. As of December 31, 2020, the aggregate value of rehypothecated securities was $17,650,495.
During the year ended December 31, 2020, the Fund earned $157,549 in fees from rehypothecated securities.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Advisory Agreement:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
July 31, 2020, Franklin Resources, Inc. (&ldquo;Franklin Resources&rdquo;) acquired Legg Mason, Inc. in an all-cash transaction.
As a result of the transaction, Royce, the investment adviser to the Fund, became an indirect, majority-owned subsidiary of Franklin
Resources. Under the Investment Company Act of 1940, consummation of the transaction automatically terminated the investment advisory
agreement that was in place for the Fund prior to the transaction. Royce continues to provide uninterrupted services to the Fund
pursuant to a new investment advisory agreement that was approved by the Fund&rsquo;s stockholders. The terms and conditions of
the Fund&rsquo;s new investment advisory agreement are substantially identical to those of its prior investment advisory agreement.
The Fund&rsquo;s contractual investment advisory fee rate under the new investment advisory agreement did not change from the
prior investment advisory agreement. Royce has continued to operate as an independent investment organization with its own brand
after completion of the transaction. There have been no changes to the management or investment teams at Royce as a result of
the transaction.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
compensation for its services under the investment advisory agreement, Royce receives a fee comprised of a Basic Fee (&ldquo;Basic
Fee&rdquo;) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record
of the Russell 2000.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual Report to Stockholders</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 0pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 0pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued) </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Advisory Agreement (continued):</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&rsquo;s month-end net assets
for the rolling 36-month period ending with such month (the &ldquo;performance period&rdquo;). The Basic Fee for each month is
increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds,
or is exceeded by, the percentage change in the investment record of the Russell 2000 for the performance period by more than
two percentage points. The performance period for each such month is a rolling 36-month period ending with such month. The maximum
increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly
fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage
change in the investment record of the Russell 2000 by 12 or more percentage points for the performance period, and the minimum
monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of
the Russell 2000 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the twelve rolling 36-month periods in 2020, the Fund&rsquo;s investment performance ranged from 1% below to 10% above the investment
performance of the Russell 2000. Accordingly, the net investment advisory fee consisted of a Basic Fee of $3,923,194 and a net
upward adjustment of $703,065 for the performance of the Fund relative to that of the Russell 2000. For the year ended December
31, 2020, the Fund expensed Royce investment advisory fees totaling $4,626,259.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchases
and Sales of Investment Securities:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the year ended December 31, 2020, the costs of purchases and proceeds from sales of investment securities, other than short-term
securities, amounted to $69,867,266 and $70,857,630, respectively. Cross trades were executed by the Fund pursuant to Rule 17a-7
under the 1940 Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cross trading is the buying or selling of portfolio securities between funds to which Royce serves as investment
adviser. The Fund&rsquo;s Chief Compliance Officer reviews such transactions each quarter for compliance with the requirements
and restrictions set forth by Rule 17a-7, and reports the results of her review to the Board of Directors. Cross trades for the
year ended December 31, 2020, were as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COSTS
    OF PURCHASES</B></FONT></TD>
    <TD STYLE="width: 43%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PROCEEDS
    FROM SALES</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3,614,947</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Tax
Information:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions
during the years ended December 31, 2020 and 2019, were characterized as follows for tax purposes:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    INCOME</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LONG-TERM
    CAPITAL GAINS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7,185,672</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,744,066</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$18,923,188</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$25,179,257</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
tax basis components of distributable earnings at December 31, 2020, were as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED
    </B><BR>
    <B>ORDINARY INCOME</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED
    LONG-TERM </B><BR>
    <B>CAPITAL GAINS OR </B><BR>
    <B>(CAPITAL LOSS CARRYFORWARD)</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    UNREALIZED </B><BR>
    <B>APPRECIATION </B><BR>
    <B>(DEPRECIATION)<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>QUALIFIED
    LATE YEAR </B><BR>
    <B>ORDINARY AND </B><BR>
    <B>POST-OCTOBER LOSS </B><BR>
    <B>DEFERRALS<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    </B><BR>
    <B>DISTRIBUTABLE </B><BR>
    <B>EARNINGS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$768,761</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$149,122,471</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(180,768)</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$149,710,464</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Includes
                                         timing differences on foreign currency, recognition of losses on securities sold, investments
                                         in Real Estate Investment Trusts, investments in publicly traded partnerships and Trusts
                                         and mark-to-market of Passive Foreign Investment Companies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Under
                                         the current tax law, capital losses and qualified late year ordinary losses incurred
                                         after October 31 may be deferred and treated as occurring on the first day of the following
                                         fiscal year. This column also includes passive activity losses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
financial reporting purposes, capital accounts and distributions to stockholders are adjusted to reflect the tax character of
permanent book/tax differences. For the year ended December 31, 2020, the Fund had no reclassifications.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management
has analyzed the Fund&rsquo;s tax positions taken on federal income tax returns for all open tax years (2017-2020) and has concluded
that as of December 31, 2020, no provision for income tax is required in the Fund&rsquo;s financial statements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subsequent
Events:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsequent
events have been evaluated through the date the financial statements were issued.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 97%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Report
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>To
the Board of Directors and Stockholders of Royce Micro-Cap Trust, Inc.: </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Opinion
on the Financial Statements </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Royce Micro-Cap Trust,
Inc. (the &ldquo;Fund&rdquo;) as of December 31, 2020, the related statements of operations and cash flows for the year ended
December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including
the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively
referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Fund as of December 31, 2020, the results of its operations and its cash flows for the
year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial
highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally
accepted in the United States of America.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Basis
for Opinion </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">These
financial statements are the responsibility of the Fund&rsquo;s management. Our responsibility is to express an opinion on the
Fund&rsquo;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers;
when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable
basis for our opinion.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 302.65pt 0pt 0.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/PricewaterhouseCoopers
LLP</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
<FONT STYLE="font-size: 10pt">New York, New York</FONT><BR>
<FONT STYLE="font-size: 10pt">February 22, 2021</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 302.65pt 0pt 0.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual Report to Stockholders</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
page is intentionally left blank.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 97%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>41</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MANAGER&rsquo;S
    DISCUSSION (UNAUDITED)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a009_v1"></A>Royce
Value Trust (RVT)&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><IMG SRC="img016_v1.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Chuck
Royce</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #4B8080"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND
PERFORMANCE</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #4B8080"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
as extreme a year as we can remember, Royce Value Trust (&ldquo;RVT&rdquo;) outpaced both of its unleveraged small-cap benchmarks
on an NAV (net asset value) basis. <B>For 2020, the Fund gained 21.9% based on NAV and 19.2% based on market price, compared to
respective advances of 20.0% and 11.2% for the Russell 2000 and S&amp;P SmallCap 600 Indexes for the same period. </B>We were
equally if not more pleased that on an NAV basis, RVT outpaced the Russell 2000 for the one-, three-, five-, 20-, 25-, 30-year,
and since inception (11/26/86) periods ended 12/31/20. The Fund also beat the Russell 2000 on a market price basis for the five-,
20-, 25-, 30-year, and since inception periods ended 12/31/20.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #4B8080"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>WHAT
WORKED&hellip; AND WHAT DIDN&rsquo;T</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #4B8080"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eight
of the Fund&rsquo;s 11 equity sectors finished 2020 in the black, led by Information Technology, which more than doubled the respective
impacts made by the second- and third-best contributors, Consumer Discretionary and Health Care. Energy and Utilities were the
only sector detractors while Real Estate was flat for the year. At the industry level, two industries from Information Technology
led&mdash;semiconductors &amp; semiconductor equipment and electronic equipment, instruments &amp; components&mdash;while energy
equipment &amp; services (Energy) and marine (Industrials) were the two biggest detractors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bandwidth,
RVT&rsquo;s top-contributing position, is a communications platform-as-a-service (CPaaS) company that offers cloud-based
software to integrate voice and text into online applications. The company benefited from the dramatic increase in the need
for work-from-home and related remote technologies in 2020, which helped its shares reach triple-digit percentage growth. The
company boasts an impressive roster of customers, including Microsoft, Google, and Zoom, while in November it announced the
acquisition of Belgian competitor Voxbone, which opens Bandwidth to business in more than 60 countries. The portfolio&rsquo;s
next top-contributing position was e-commerce retailer Etsy, which focuses on handmade or vintage items and craft supplies.
Its business was growing at a steady pace prior to 2020, but revenues reached triple-digit rates in 2020&rsquo;s fiscal
second quarter and stayed enviably high in the third quarter. While much of its sales were attributable to face masks, the
company also had success with several other major categories in 2020, including apparel, personal care, and
homewares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offshore
transport solutions specialist SEACOR Marine Holdings detracted most at the position level. In May, the company reported
that it was anticipating a significant negative impact on revenues through the rest of 2020 as a result of the pandemic,
which, along with plummeting oil and gas prices, greatly reduced demand for its services. We finished exiting our position in
December. Kirby Corporation also detracted notably in 2020. The company operates barges for petrochemicals and refined
petroleum products on U.S. inland waterways. With chemical volume demand and exports hit hard during the pandemic,
Kirby&rsquo;s inland barge utilization rates fell close to an all-time low, hitting 73% in the second quarter. Kirby&rsquo;s
segment that services the oil and gas and commercial &amp; industrial markets ran a loss in 2020 due to lower U.S. fleet
miles, fewer fleet repairs, and depressed demand for hydraulic fracturing. We will continue to closely assess its prospects
for recovery as cyclical industry dynamics are increasingly overwhelming the positive attributes we see in its business
model.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Looking
at attribution for the calendar year, stock selection had the most significant impact on outperformance, most notably in Financials,
Real Estate (where our lower exposure helped even more), and Materials. Conversely, our substantially lower weight hurt in Health
Care, as did ineffective stock selection. Greater exposure to the struggling Energy sector hampered relative results&mdash;our
stock picks in the sector detracted only marginally&mdash;while stock selection hurt enough in Industrials to outweigh the positive
effect of our sector overweight</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; background-color: rgb(213,232,245)">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in; padding-top: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Top
    Contributors to Performance</B></FONT></TD>
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in; padding-top: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Top
    Detractors from Performance</B></FONT></TD>
    <TD STYLE="padding-top: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
    2020 (%)<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 5%; text-align: right; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
    2020 (%)<SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 5%; text-align: right; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bandwidth
    Cl. A</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.47</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEACOR
    Marine Holdings</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.74</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Etsy</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.32</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kirby
    Corporation</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.71</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Virgin
    Galactic Holdings</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.15</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pason
    Systems</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.50</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Camping
    World Holdings Cl. A</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.98</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ProAssurance
    Corporation</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.49</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quaker
    Chemical</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.87</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RBC
    Bearings</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.48</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; padding-bottom: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1
    </SUP>Includes dividends</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-bottom: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; padding-bottom: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2
    </SUP>Net of dividends</FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-bottom: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #4B8080"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>CURRENT
POSITIONING AND OUTLOOK</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #4B8080"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
positive news on vaccines was, in our view, the critical element in the recent small-cap surge. We believe the reality of vaccines
has allowed investors to see past the current economic uncertainty to a tangible return to something like normal. These very encouraging
developments seem to have led them to take a fresh look at those companies, particularly in more cyclical areas, that had been
relatively neglected for the last few years. Many of these companies should receive an additional boost from ongoing monetary
and fiscal stimulus, along with an anticipated increase in the latter. We believe these measures will only add to the strength
of the global economy, which was beginning to accelerate before the pandemic. Our outlook for cyclicals in 2021 and 2022 is therefore
brighter than it was at the beginning of last year. Following the vaccine roll-out, all of these developments should support higher
growth rates than we were looking for a year ago. However, growth is likely to be unevenly distributed&mdash;and that is where
we think active managers can offer an edge. The ability to recognize patterns, understand industry dynamics, and evaluate management
teams should all prove crucial in such a climate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42&nbsp;|&nbsp;2020
Annual Report to Stockholders</FONT></P>



<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black"><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 63%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PERFORMANCE
    AND PORTFOLIO REVIEW (UNAUDITED)</FONT></TD>
    <TD STYLE="width: 37%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #4B8080"><B>SYMBOLS
    </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;MARKET PRICE </FONT></B><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">RVT
    <B>NAV </B>XRVTX</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="11" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Performance</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="11" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    Annual Total Return (%) Through 12/31/20</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>JUL-DEC 2020<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>30-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE
    INCEPTION (11/26/86)</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RVT
    (NAV)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.78</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.85</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.79</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.51</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.52</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.84</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.82</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1
</SUP>Not Annualized</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="7" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Market
    Price Performance History Since Inception (11/26/86)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="7" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cumulative
    Performance of Investment through 12/31/20<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE
    INCEPTION (11/26/86)</B></FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RVT</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">107.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">518.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2635.7%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -3.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>&nbsp;&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -3.2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT><IMG SRC="img017_v1.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: -3.2pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>&nbsp;</SUP></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.05pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reflects
                                         the cumulative performance of an investment made by a stockholder who purchased one share
                                         at inception ($10.00 IPO), reinvested all distributions and fully participated in primary
                                         subscriptions of the Fund&rsquo;s rights offerings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.05pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reflects
                                         the actual month-end market price movement of one share as it has traded on the NYSE.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Morningstar
Style Map&trade; </B>As of 12/31/20</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<IMG SRC="img018_v1.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
<B>Morningstar Style Map</B> is the <B>Morningstar Style Box&trade;</B> with the center 75% of fund holdings plotted as the <B>Morningstar
Ownership Zone&trade;</B>. The Morningstar Style Box is designed to reveal a fund&rsquo;s investment strategy. The Morningstar
Ownership Zone provides detail about a portfolio&rsquo;s investment style by showing the range of stock sizes and styles. The
Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the
shape and location of a fund&rsquo;s ownership zone may vary. See page 66 for additional information.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; width: 75%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Top
    10 Positions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; border-top: Black 1pt solid; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%
    of Net Assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MKS
    Instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quaker
    Chemical</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.7</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Colfax
    Corporation</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.6</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Upland
    Software</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.5</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FLIR
    Systems</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.5</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cirrus
    Logic</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.2</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bandwidth
    Cl. A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.2</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IES
    Holdings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.2</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AutoCanada</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.2</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Etsy</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.2</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; width: 75%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Portfolio
    Sector Breakdown</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; border-top: Black 1pt solid; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%
    of Net Assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information
    Technology</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.0</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrials</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.4</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financials</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.4</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Discretionary</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.3</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Materials</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.5</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health
    Care</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.1</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real
    Estate</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.5</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.7</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Communication
    Services</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.3</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Staples</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.2</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diversified
    Investment Companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.1</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Utilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.1</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Outstanding
    Line of Credit, Net of Cash and Cash Equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-2.6</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; width: 75%; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Calendar
    Year Total Returns (%)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; border-top: Black 1pt solid; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RVT</B></FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.9</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30.5</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-14.4</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.4</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.8</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-8.1</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.8</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34.1</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.4</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2011</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-10.1</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2010</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30.3</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2009</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44.6</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2008</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-45.6</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2007</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.0</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2006</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; width: 70%; font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Portfolio
    Diagnostics</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 30%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fund
    Net Assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,889
    million</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Number
    of Holdings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">488</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Turnover
    Rate</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36%</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Asset Value</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$18.52</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Price</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$16.14</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Leverage <SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.6%</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    Market Capitalization <SUP>2</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,278
    million</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    Average P/E Ratio <SUP>3,4</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.5x</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    Average P/B Ratio <SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.6x</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Active
    Share <SUP>5</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">87%</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S.
    Investments (% of Net Assets)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86.7%</FONT></TD></TR>
<TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; border-bottom: #999999 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-U.S.
    Investments (% of Net Assets)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #999999 1.5pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.9%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in; text-indent: -0.05in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0.05pt; font-size: 8pt"></TD><TD STYLE="width: 5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
                                         leverage is the percentage, in excess of 100%, of the total value of equity type investments,
                                         divided by net assets. </FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0.05pt; font-size: 8pt"></TD><TD STYLE="width: 5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Geometric
                                         Average.</B> This weighted calculation uses each portfolio holding&rsquo;s market cap
                                         in a way designed to not skew the effect of very large or small holdings; instead, it
                                         aims to better identify the portfolio&rsquo;s center, which Royce believes offers a more
                                         accurate measure of average market cap than a simple mean or median.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0.05pt; font-size: 8pt"></TD><TD STYLE="width: 5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Harmonic
                                         Average. </B>This weighted calculation evaluates a portfolio as if it were a single stock
                                         and measures it overall. It compares the total market value of the portfolio to the portfolio&rsquo;s
                                         share in the earnings or book value, as the case may be, of its underlying stocks.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.05pt; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         Fund&rsquo;s P/E ratio calculation excludes companies with zero or negative earnings
                                         (28% of portfolio holdings as of 12/31/20).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify; font-size: 8pt">
<TD STYLE="width: 0.05pt; font-size: 8pt"></TD><TD STYLE="width: 5pt; text-align: left; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Active
                                         Share </B>is the sum of the absolute values of the different weightings of each holding
                                         in the Fund versus each holding in the benchmark, divided by two.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: -0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Important
Performance and Risk Information</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
performance information reflects past performance, is presented on a total return basis, net of the Fund&rsquo;s investment advisory
fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may
be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.royceinvest.com. Certain
immaterial adjustments were made to the net assets of Royce Value Trust at 12/31/16 and 6/30/18 for financial reporting purposes,
and as a result the net asset value originally calculated on that date and the total return based on that net asset value differs
from the adjusted net asset value and total return reported in the Financial Highlights. The market price of the Fund&rsquo;s
shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily
in securities of small- and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies.
The Fund&rsquo;s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund
may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and
other risks not encountered in U.S. investments. Regarding the &ldquo;Top Contributors&rdquo; and &ldquo;Top Detractors&rdquo;
tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would
approximate the Fund&rsquo;s year-to date performance for 2020.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
    Annual Report to Stockholders | 43</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Value Trust</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; padding-top: 2pt"><A NAME="a010_v1"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Schedule
    of Investments</FONT></TD><TD STYLE="border-top: Black 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; padding-top: 2pt"></TD><TD STYLE="border-top: Black 1pt solid; padding-top: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; padding-top: 2pt"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common Stocks &ndash; 102.6%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SHARES</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VALUE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">COMMUNICATION
    SERVICES &ndash; 2.3%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DIVERSIFIED TELECOMMUNICATION
    SERVICES - 1.4%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Bandwidth
    Cl. A </B></FONT><FONT STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP><A HREF="#f002_v1">1</A></SUP></B></FONT></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">147,600</FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,681,692</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cogent
    Communications Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,332</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,097,537</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liberty
    Latin America Cl. C </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">319,528</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,543,565</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,322,794</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ENTERTAINMENT - 0.3%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IMAX
    Corporation </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP><A HREF="#f002_v1">1</A></SUP></FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">300,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,406,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Marcus
    Corporation (The)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,051</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,567</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,487,567</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INTERACTIVE MEDIA &amp;
    SERVICES - 0.5%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Eventbrite
    Cl. A </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">273,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,946,730</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">QuinStreet </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180,254</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,864,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,811,376</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MEDIA - 0.1%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">comScore </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">808,910</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,014,186</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gannett
    Company </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183,929</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">618,002</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meredith
    Corporation</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,636</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89,011</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,721,199</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(221,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $44,155,540)</FONT></TD><TD STYLE="border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,342,936</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONSUMER
    DISCRETIONARY &ndash; 11.3%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUTO COMPONENTS - 2.0%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cooper
    Tire &amp; Rubber</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,404</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56,862</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cooper-Standard
    Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">892</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,926</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorman
    Products </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,595,918</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fox
    Factory Holding Corporation </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">295,988</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gentex
    Corporation </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130,650</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,432,955</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LCI
    Industries </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">116,865</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,155,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patrick
    Industries </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">216,502</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,797,912</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Standard
    Motor Products </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,794</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234,425</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Superior
    Industries International </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">136,901</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">559,925</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,159,964</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUTOMOBILES - 0.0%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Winnebago
    Industries</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">581,418</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTORS - 0.2%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Core-Mark
    Holding Company </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,802</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">640,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LKQ
    Corporation </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,857,964</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weyco
    Group </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,499</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">87,104</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,585,393</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DIVERSIFIED CONSUMER
    SERVICES - 0.6%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American
    Public Education </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,118</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">613,197</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Collectors
    Universe </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,360,940</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Perdoceo
    Education </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,174</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">317,947</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Regis
    Corporation </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,670</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,337</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal
    Technical Institute </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">639,032</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,128,147</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,628,568</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HOTELS, RESTAURANTS &amp;
    LEISURE - 0.6%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Century
    Casinos </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,340</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">353,623</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindblad
    Expeditions Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">415,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,108,224</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Red
    Robin Gourmet Burgers </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,543</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,672</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ruth&rsquo;s
    Hospitality Group</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,184</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">588,352</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scientific
    Games </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,198,970</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,278,841</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HOUSEHOLD DURABLES -
    0.6%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cavco
    Industries </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,579,115</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ethan
    Allen Interiors </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">159,260</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,218,644</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hooker
    Furniture</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La-Z-Boy</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,002</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,075,760</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meritage
    Homes </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,989</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,489,849</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Skyline
    Champion </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,790</FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,932,803</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,373,571</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INTERNET &amp; DIRECT
    MARKETING RETAIL - 1.7%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Etsy
    </B></FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>1</SUP></B></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>,</SUP></B></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>2</SUP></B></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>,</SUP></B></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>3</SUP></B></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">122,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,722,811</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PetMed
    Express</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,879</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">541,141</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shutterstock</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,386</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,820,176</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stamps.com </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,747</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,386,534</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,470,662</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LEISURE PRODUCTS - 0.9%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brunswick
    Corporation</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">212,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,223,872</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Johnson
    Outdoors Cl. A</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,730</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">307,480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MasterCraft
    Boat Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,968</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">620,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sturm,
    Ruger &amp; Co.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,062</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">524,594</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,676,151</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MULTILINE RETAIL - 0.0%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Big
    Lots</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,224</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,546</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPECIALTY RETAIL - 3.3%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">America&rsquo;s
    Car-Mart </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">108,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,895,672</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Asbury
    Automotive Group </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,513</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">949,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AutoCanada</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,176,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,814,534</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Barnes
    &amp; Noble Education </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91,318</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">424,629</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Buckle
    (The)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,884</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,748,613</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Caleres</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,803</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,517</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Camping
    World Holdings Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">367,313</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,568,504</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CarMax </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">661,220</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cato
    Corporation (The) Cl. A</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,394</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">569,588</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chico&rsquo;s
    FAS</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,856</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,261</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Children&rsquo;s
    Place </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,559</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,106</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Genesco </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,412</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132,757</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Haverty
    Furniture</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,713</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">794,489</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hibbett
    Sports </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,359</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">432,199</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">MarineMax
    </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,508</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,825</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Michaels
    Companies </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,804</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,818,850</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OneWater
    Marine Cl. A </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">304,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,869,541</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rent-A-Center</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,666</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">599,851</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shoe
    Carnival </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,869</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">582,567</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sleep
    Number </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,632</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">952,195</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zumiez </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">612,240</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,634,363</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TEXTILES, APPAREL &amp;
    LUXURY GOODS - 1.4%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canada
    Goose Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">328,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,764,560</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">G-III
    Apparel Group </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,609</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">204,378</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">J
    G Boswell Company </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f005_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I><SUP>4</SUP></I></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,940</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,297,020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Kontoor
    Brands</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">289,193</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Movado
    Group </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,825</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">379,351</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ralph
    Lauren Cl. A</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,288,826</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steven
    Madden</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,458</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,217,057</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vera
    Bradley </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">228,611</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wolverine
    World Wide </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,362</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,105,062</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,774,058</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(221,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $139,240,653)</FONT></TD><TD STYLE="border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213,215,535</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONSUMER
    STAPLES &ndash; 2.2%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FOOD PRODUCTS - 0.9%</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">John
    B Sanfilippo &amp; Son</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">396,981</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nomad
    Foods </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">143,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,650,312</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Seneca
    Foods Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">239,393</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,551,781</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 26%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44
    | 2020 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 74%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE
    ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 11pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December
    31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-top: 2pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">Schedule of Investments
    (continued)</FONT></TD><TD STYLE="padding-top: 2pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 2pt; border-top: Black 1pt solid"></TD><TD STYLE="padding-top: 2pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 2pt; border-top: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">SHARES</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">VALUE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">CONSUMER STAPLES (continued)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">FOOD PRODUCTS (continued)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tootsie
    Roll Industries </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">140,656</FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">4,177,483</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">17,776,557</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">HOUSEHOLD PRODUCTS - 0.1%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central
    Garden &amp; Pet </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,933</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">731,003</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">WD-40 Company</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,983</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">526,844</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">1,257,847</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">PERSONAL PRODUCTS - 1.1%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">e.l.f.
    Beauty </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">528,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,300,320</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inter
    Parfums </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">116,565</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,051,017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USANA
    Health Sciences </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,561</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">274,553</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">20,625,890</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">TOBACCO - 0.1%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Universal Corporation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,694</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">714,275</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Vector
    Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,389</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">214,232</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">928,507</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(221,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">Total
    (Cost $26,609,545)</FONT></TD><TD STYLE="border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">40,588,801</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">DIVERSIFIED INVESTMENT COMPANIES &ndash; 0.1%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CLOSED-END FUNDS - 0.1%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CC
    Neuberger Principal Holdings I Cl. A </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,084,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Eagle
    Point Credit</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,054</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">424,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Eagle Point Income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">634</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(221,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">Total
    (Cost $1,404,495)</FONT></TD><TD STYLE="border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">1,508,959</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">ENERGY &ndash; 2.7%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">ENERGY EQUIPMENT &amp; SERVICES - 2.0%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bristow
    Group </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">239,378</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,300,429</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Computer Modelling Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,333,624</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,112,802</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>DMC
    Global</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,983</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85,765</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helmerich
    &amp; Payne </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99,170</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,296,777</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KLX
    Energy Services Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,149</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,343</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Newpark
    Resources </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">67,354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">129,320</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oil
    States International </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,753</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94,140</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Pason Systems</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,736,330</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,748,904</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ProPetro
    Holding </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">58,953</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">435,663</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RPC </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,530</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">55,219</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TGS-NOPEC
    Geophysical </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f005_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">836,960</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,777,936</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">38,057,298</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">OIL, GAS &amp; CONSUMABLE FUELS - 0.7%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bonanza
    Creek Energy </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,692</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">767,246</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Callon
    Petroleum </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">83,237</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONSOL
    Energy </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">118,324</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">853,116</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorchester
    Minerals L.P. </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">279,148</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,045,505</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorian
    LPG </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">394,936</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,814,270</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Renewable
    Energy Group </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">847</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59,985</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REX
    American Resources </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,432</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">472,559</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Talos
    Energy </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,626</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">112,278</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">World
    Fuel Services </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">3,144,449</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">13,352,645</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(221,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">Total
    (Cost $72,260,369)</FONT></TD><TD STYLE="border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">51,409,943</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">FINANCIALS &ndash; 14.4%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">BANKS - 2.7%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Ameris Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,385</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">243,077</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    of N.T. Butterfield &amp; Son </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">258,416</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,052,243</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Boston Private Financial Holdings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,074</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">380,875</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Cadence
    Bancorporation Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,397</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">252,819</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Canadian Western Bank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">279,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,284,304</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Central
    Pacific Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,878</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54,711</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">CIT Group</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">22,000</FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">789,800</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Customers
    Bancorp </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,545</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">209,888</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Dime Community Bancshares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,577</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,639</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Eagle Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,425</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,008,752</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Farmers
    &amp; Merchants Bank of Long Beach </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f005_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">730</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,818,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fauquier Bankshares </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">160,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,794,704</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>FB
    Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,212</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,093</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">First BanCorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">127,777</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,178,104</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">First Citizens BancShares Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,276</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,921,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">First Commonwealth Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,351</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">364,860</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">First Financial Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48,359</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">847,733</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">First Midwest Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">28,790</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">458,337</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Great Western Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,497</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">679,187</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Hanmi Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,849</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">134,368</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">HarborOne Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">63,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">688,524</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>HBT
    Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">612,060</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">HomeTrust Bancshares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">457,647</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Pacific
    Premier Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,212</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">445,262</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Preferred Bank</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">910,176</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Prosperity Bancshares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,882</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">407,976</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Simmons First National Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,466</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">74,831</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Triumph
    Bancorp </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,121,893</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>United
    Community Banks</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,863</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">81,424</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Webster
    Financial </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">164,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,929,460</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Wintrust
    Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">366,540</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">50,651,375</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CAPITAL MARKETS - 6.7%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ares
    Management Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">165,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,772,660</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Artisan
    Partners Asset Management Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85,610</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,309,607</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">ASA Gold and Precious Metals</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">199,821</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,370,085</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ashmore
    Group </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f005_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">548,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,236,824</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Barings BDC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">191,594</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,762,665</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Blucora </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">89,096</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Bolsa Mexicana de Valores</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,723,106</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,106,983</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>BrightSphere
    Investment Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,928</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56,452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A><FONT STYLE="font-size: 8pt">Fiera Capital Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">499,222</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Focus
    Financial Partners Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,175,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">GCM
    Grosvenor Cl. A </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,204,887</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,049,095</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Golub Capital BDC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,286</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Houlihan
    Lokey Cl. A</FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> <SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">55,790</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,750,762</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lazard
    Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">129,125</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,461,988</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Moelis &amp; Company Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">981,960</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morningstar </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">58,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,593,159</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Oaktree Strategic Income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,133</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,031</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Open
    Lending </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">264,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,243,424</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"> <A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Portman Ridge Finance</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,829</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62,703</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rothschild
    &amp; Co </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f005_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,293</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,583,822</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEI
    Investments </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">195,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,246,879</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Sprott</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">256,480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,447,169</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tel
    Aviv Stock Exchange </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f005_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">332,179</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,693,079</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">TMX Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">76,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,591,044</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Virtu
    Financial Cl. A </B></FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>2</SUP></B></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>,</SUP></B></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>3</SUP></B></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">683,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,206,212</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Waddell &amp; Reed Financial Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">84,363</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,148,726</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">126,503,933</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CONSUMER FINANCE - 0.1%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Enova
    International </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48,849</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">1,209,990</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 71%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE
    ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 29%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
    Annual Report to Stockholders | 45</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Value Trust</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-top: 2pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">Schedule of Investments
    (continued)</FONT></TD><TD STYLE="padding-top: 2pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 2pt; border-top: Black 1pt solid"></TD><TD STYLE="padding-top: 2pt; border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; padding-top: 2pt; border-top: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-size: 8pt">SHARES</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(204,204,204) 1pt solid"><FONT STYLE="font-size: 8pt">VALUE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">FINANCIALS (continued)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">DIVERSIFIED FINANCIAL SERVICES - 0.4%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Banco Latinoamericano de Comercio
    Exterior Cl. E</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">53,700</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">850,071</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">ECN Capital</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,023,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,204,362</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Equitable
    Holdings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,279,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Onex Corporation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">528,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Waterloo
    Investment Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f006_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>5</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,972,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">743,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">8,604,981</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">INSURANCE - 2.8%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Alleghany Corporation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">350</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">211,291</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ambac
    Financial Group </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">88,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,353,440</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Assured Guaranty</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">63,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,012,211</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">E-L Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,650</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,968,910</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Employers Holdings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,442</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">722,408</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Erie Indemnity Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">28,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,925,920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">FBL Financial Group Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,280</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">382,273</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Fidelity National Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">446</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,434</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">First American Financial</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">413,040</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Independence
    Holding Company </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">170,023</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,970,943</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Palomar
    Holdings </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">111,347</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,892,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ProAssurance
    Corporation </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">239,901</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,267,839</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ProSight
    Global </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">126,410</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,621,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RLI
    Corp. </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,540</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,430,541</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Stewart Information Services</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">530,944</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Third
    Point Reinsurance </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,476</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99,732</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Universal Insurance Holdings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,054</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">514,556</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-size: 8pt">53,335,389</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">INVESTMENT COMPANIES - 0.8%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jaws
    Acquisition (Units) </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">150,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,062,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oaktree
    Acquisition (Units) </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">800,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,640,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">14,702,500</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">THRIFTS &amp; MORTGAGE FINANCE - 0.9%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Axos
    Financial </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,701</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,339,858</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A>Essent
    Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">432,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Flagstar Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,821</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,337,784</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Genworth MI Canada</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">65,012</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,217,119</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meridian
    Bancorp </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">82,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,230,075</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Meta Financial Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,848</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">67,563</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mr.
    Cooper Group </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,189</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">98,955</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NMI
    Holdings Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">84,142</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,905,816</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Provident Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">63,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">758,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Provident Financial Services</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,035</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">72,469</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Territorial Bancorp</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">223,479</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Timberland
    Bancorp </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">274,457</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,658,327</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Walker &amp; Dunlop</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">1,168,654</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">17,510,499</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(221,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">Total
    (Cost $212,736,180)</FONT></TD><TD STYLE="border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">272,518,667</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">HEALTH CARE &ndash; 7.1%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">BIOTECHNOLOGY - 1.0%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acorda
    Therapeutics </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,892</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,897</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Anika
    Therapeutics </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">589,285</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Catalyst
    Pharmaceuticals </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">71,610</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">239,177</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Coherus
    BioSciences </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,309</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">196,551</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Eagle
    Pharmaceuticals </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,838</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">551,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Emergent
    BioSolutions </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">830</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">74,368</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Enanta
    Pharmaceuticals </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,698</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">408,286</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">United
    Therapeutics </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,305,394</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vanda
    Pharmaceuticals </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,858</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">444,894</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zealand
    Pharma </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f005_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">408,857</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,852,244</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">18,670,392</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">HEALTH CARE EQUIPMENT &amp; SUPPLIES - 4.9%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Atrion Corporation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,296</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,328,023</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BioLife
    Solutions </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">424,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,925,327</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Haemonetics
    </B></FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>1</SUP></B></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">155,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,513,125</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inogen </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,904</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">397,831</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Integer
    Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,442,456</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Masimo
    Corporation </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f004_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,367,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meridian
    Bioscience </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">194,572</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,636,551</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mesa
    Laboratories </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,736,536</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Natus
    Medical </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,280</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">185,971</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Neogen
    Corporation </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,081</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85,723</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OraSure
    Technologies </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,917</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">200,236</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">OrthoPediatrics
    Corporation </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">127,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,251,125</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SI-BONE
    </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">325,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,741,420</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Surmodics </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">161,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,006,720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">91,818,644</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">HEALTH CARE PROVIDERS &amp; SERVICES - 0.4%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Community
    Health Systems </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">790,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,869,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CorVel
    Corporation </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,864</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">303,584</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Ensign Group (The)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">813</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59,284</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Magellan
    Health </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,980</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,406,623</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><SUP>&dagger;</SUP></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Providence
    Service </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">415</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57,532</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RadNet </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,582</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">89,670</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tivity
    Health </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,622</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">31,775</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">U.S. Physical Therapy</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,029</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">845,237</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">8,663,405</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">HEALTH CARE TECHNOLOGY - 0.2%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HealthStream </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,060</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">154,190</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 4.5pt"><FONT STYLE="font-size: 8pt"><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NextGen
    Healthcare </FONT><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,477</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">355,261</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Simulations Plus</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,125,331</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">4,634,782</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">LIFE SCIENCES TOOLS &amp; SERVICES - 0.4%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bio-Rad
    Laboratories Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,331</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,690,593</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bio-Techne </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,643</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,379,685</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Medpace
    Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,167</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">580,046</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1.5pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">7,650,324</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">PHARMACEUTICALS - 0.2%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assertio
    Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">156,932</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56,119</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corcept
    Therapeutics </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59,129</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,546,815</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Innoviva </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">73,399</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">909,414</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lannett
    Company </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56,262</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">366,828</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Supernus
    Pharmaceuticals </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,708</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">671,973</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">3,551,149</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(221,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">Total
    (Cost $83,762,804)</FONT></TD><TD STYLE="border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">134,988,696</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-top: rgb(160,170,173) 1pt solid; border-bottom: rgb(160,170,173) 1.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">INDUSTRIALS &ndash; 23.4%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">AEROSPACE &amp; DEFENSE - 1.7%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aerojet
    Rocketdyne Holdings </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,781</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">675,476</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ducommun </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>,</SUP></FONT><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">79,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,247,670</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HEICO
    Corporation </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51,030</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,756,372</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HEICO
    Corporation Cl. A </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f003_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">68,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,999,061</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Magellan Aerospace</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">740,921</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,104,782</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">National Presto Industries</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,535</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">843,180</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Park Aerospace</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,847</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">185,688</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vectrus </FONT><FONT STYLE="font-size: 8pt"><A HREF="#f002_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">616,528</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46
    | 2020 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 70%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE
    ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December
31, 2020</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule
of Investments (continued)</B>&nbsp;</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(168,169,173) 1pt solid">SHARES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(168,169,173) 1pt solid">VALUE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">INDUSTRIALS (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">AEROSPACE &amp; DEFENSE (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Virgin Galactic Holdings <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right">215,918</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: rgb(168,169,173) 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: rgb(168,169,173) 1pt solid; text-align: right">5,123,734</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">31,552,491</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">AIR FREIGHT &amp; LOGISTICS - 0.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Echo Global Logistics <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,776</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">986,333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forward Air <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,043</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,382,104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hub Group Cl. A <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2,184</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">124,488</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">6,492,925</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BUILDING PRODUCTS - 0.7%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Woodmark <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,364</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">597,261</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Apogee Enterprises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Burnham Holdings Cl. B <SUP><A HREF="#f004_v1">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,720</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 5pt"><SUP>&dagger;</SUP>CSW Industrials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,778,557</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gibraltar Industries <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">681,272</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Insteel Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PGT Innovations <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,666</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Quanex Building Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,079,790</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Simpson Manufacturing <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,902,574</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt">UFP Industries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">14,897</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">827,528</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">13,892,546</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">COMMERCIAL SERVICES &amp; SUPPLIES - 1.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">ABM Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,836</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CompX International Cl. A <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,003,953</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heritage-Crystal Clean <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,109,233</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kimball International Cl. B <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,287</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PICO Holdings <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,805,076</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Pitney Bowes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">896,372</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ritchie Bros. Auctioneers <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,854,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Tetra Tech</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">UniFirst Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,561,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt">US Ecology</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">4,915</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">178,562</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">24,124,639</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONSTRUCTION &amp; ENGINEERING - 3.7%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>APi
    Group </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">353,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,416,025</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Arcosa <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,043</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,582,702</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Comfort Systems USA <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,165,669</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">EMCOR Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,515,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IES Holdings <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">490,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,577,970</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Infrastructure and Energy Alternatives <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,942,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Jacobs Engineering Group <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,650,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Matrix Service <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">358,844</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MYR Group <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Northwest Pipe <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315,007</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Valmont Industries <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">69,361</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">12,133,320</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">69,713,702</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">ELECTRICAL EQUIPMENT - 1.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">AZZ</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">321,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Encore Wire</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">872,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">LSI Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">814,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,975,176</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Powell Industries <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,805</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,002,229</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Preformed Line Products <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,269,104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sensata Technologies Holding <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">9,400</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">495,756</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">17,935,966</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">INDUSTRIAL CONGLOMERATES - 0.5%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Carlisle Companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">718,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Raven Industries <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">278,525</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">9,216,392</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">9,934,820</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>MACHINERY - 8.8%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Albany International Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,005</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt"><SUP>&dagger;</SUP>Allison Transmission Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">634,011</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Astec Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,805</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Barnes Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CIRCOR International <SUP><A HREF="#f001_v1">1</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">504,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,398,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Colfax Corporation <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">798,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,539,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ESCO Technologies <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,059,844</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Franklin Electric <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,561</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,229,577</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helios Technologies <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,399,477</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Hillenbrand</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,537</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,414,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">John Bean Technologies <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,701</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,882,923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kadant <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,656,194</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lincoln Electric Holdings <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,114,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindsay Corporation <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,387,520</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lydall <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">534,054</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meritor <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">686,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Middleby Corporation <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,204,888</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt">&dagger;Miller Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">702,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Mueller Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,529,321</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NN <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">308,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,028,159</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nordson Corporation <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,174,206</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Standex International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tennant Company <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,066,119</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Wabash National</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,212,406</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Watts Water Technologies Cl. A <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,693,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Woodward <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">48,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">5,894,205</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">165,772,924</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>MARINE - 1.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clarkson <SUP><A HREF="#f004_v1">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,626,020</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kirby Corporation <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,135,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEACOR Holdings <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">218,150</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">9,042,318</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">26,803,734</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">PROFESSIONAL SERVICES - 1.7%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exponent <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,642,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forrester Research <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,989,326</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Heidrick &amp; Struggles International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,655,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Insperity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325,680</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Kelly Services Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,609</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Korn Ferry <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,010</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,219,935</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ManpowerGroup <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Morneau Shepell</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426,605</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Resources Connection</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,295</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,108</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TrueBlue <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">881,775</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Upwork <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">300,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">10,356,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">32,175,551</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">ROAD &amp; RAIL - 0.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">ArcBest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,231</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,161,947</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Landstar System <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,105,082</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Saia <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,384</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">250,227</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">16,517,256</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">TRADING COMPANIES &amp; DISTRIBUTORS - 1.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Air Lease Cl. A <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,170</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,293,531</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Applied Industrial Technologies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">761,026</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BMC Stock Holdings <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,303,584</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Boise Cascade</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,320,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EVI Industries <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,090,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>Foundation
    Building Materials </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,557</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GMS <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,234,989</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Houston Wire &amp; Cable <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f006_v1">6</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">877,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,447,843</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 47</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Value Trust</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule
of Investments (continued)</B> &nbsp; &nbsp;</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(168,169,173) 1pt solid">SHARES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(168,169,173) 1pt solid">VALUE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">INDUSTRIALS (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">TRADING COMPANIES &amp; DISTRIBUTORS (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Richelieu Hardware</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">39,800</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,033,068</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SiteOne
    Landscape Supply <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,965,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>Transcat
    </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,208</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Watsco <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">12,900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">2,922,495</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">26,616,402</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">Total (Cost $272,119,437)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">441,532,956</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 8pt">INFORMATION TECHNOLOGY &ndash; 25.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">COMMUNICATIONS EQUIPMENT - 0.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADTRAN <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">214,973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,175,151</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CalAmp Corporation <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217,962</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Comtech Telecommunications</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">617,680</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>NETGEAR
    </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,121</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">45,546</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">4,056,339</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">ELECTRONIC EQUIPMENT, INSTRUMENTS &amp; COMPONENTS - 9.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Badger Meter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Benchmark Electronics</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,983</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,751</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cognex Corporation <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,586,881</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Coherent <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,315,142</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Daktronics</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,109</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Dolby Laboratories Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,825</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fabrinet <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,405,379</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FARO Technologies <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">276,397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,521,920</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FLIR Systems <SUP><A HREF="#f002_v1">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">629,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,579,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Insight Enterprises <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,175,946</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IPG Photonics <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,435,669</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kimball Electronics <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,797</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">508,434</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Littelfuse <SUP><A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,195,064</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Methode Electronics</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,270</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,736</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National Instruments <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">311,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,685,113</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">nLIGHT <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,332,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OSI Systems <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,270</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,609</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PAR Technology <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">290,239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,224,107</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PC Connection <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,931</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Plexus Corporation <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Richardson Electronics <SUP><A HREF="#f006_v1">6</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">711,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,351,047</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rogers Corporation <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,196,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sanmina Corporation <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518,308</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ScanSource <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TTM Technologies <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">585,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,082,559</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Vishay Intertechnology</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">442,366</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vishay Precision Group <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">347,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>Vontier
    Corporation&nbsp;&nbsp;</FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">100,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">3,340,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">170,158,367</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">IT SERVICES - 3.7%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cardtronics <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,118</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">710,165</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 5pt"><SUP>&dagger;</SUP>Cass Information Systems</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">308,556</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer Services <SUP><A HREF="#f004_v1">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,741,412</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">CSG Systems International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,096</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">545,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">EVERTEC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,883</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,096,359</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>ExlService
    Holdings </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,414</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hackett Group (The) <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285,266</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,104,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>International
    Money Express </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">590,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,157,328</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>KBR <SUP><A HREF="#f002_v1">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">647,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,024,082</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">ManTech International Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,384</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,973</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">MAXIMUS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,079</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>Repay
    Holdings Cl. A </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,191,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>Shift4
    Payments Cl. A </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,735,060</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unisys Corporation <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">360,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left"></TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">7,084,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">69,410,873</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SEMICONDUCTORS &amp; SEMICONDUCTOR EQUIPMENT - 7.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Advanced Energy Industries <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">729,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Axcelis Technologies <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">617,344</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Brooks Automation <SUP><A HREF="#f002_v1">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,346,640</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cirrus Logic <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">276,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,761,180</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CMC Materials <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,702,566</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Cohu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,490</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">324,148</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diodes <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,103</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,684,262</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Entegris <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,293,990</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ichor Holdings <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,663</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">351,581</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kulicke &amp; Soffa Industries <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,660</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,025,025</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lattice Semiconductor <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">288,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,228,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">MKS Instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,779</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,685,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nova Measuring Instruments <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,104,282</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 5pt"><SUP>&dagger;</SUP>NVE Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">544,946</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Onto Innovation <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">726,374</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Photronics <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187,087</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,087,891</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Power Integrations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,378</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,663</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rambus <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,185,359</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SMART Global Holdings <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,316</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">952,641</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ultra Clean Holdings <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">14,404</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">448,685</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">137,994,673</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>SOFTWARE - 4.8%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Blackbaud</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">713,744</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>ChannelAdvisor
    Corporation </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230,112</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Descartes Systems Group (The) <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,444,568</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Ebix</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,620</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>Envestnet
    </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP>Everbridge
    </FONT><A HREF="#f001_v1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,944,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">j2 Global <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,801,261</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Manhattan Associates <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,547,184</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MicroStrategy Cl. A <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,430</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Progress Software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">446,793</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SVMK <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">797,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,363,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Upland Software <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">605,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,790,984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Xperi Holding <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2,959</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">61,843</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">90,752,524</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-top: rgb(168,169,173) 1pt solid; border-bottom: rgb(168,169,173) 1pt solid">Total (Cost $284,370,572)</TD><TD STYLE="padding-bottom: 1pt; border-top: rgb(168,169,173) 1pt solid; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-top: rgb(168,169,173) 1pt solid; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-top: rgb(168,169,173) 1pt solid; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-top: rgb(168,169,173) 1pt solid; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-top: rgb(168,169,173) 1pt solid; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left; border-top: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right; border-top: rgb(168,169,173) 1pt solid">472,372,776</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-top: rgb(168,169,173) 1pt solid; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-top: 8pt">MATERIALS &ndash; 10.5%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>CHEMICALS - 5.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chase Corporation <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,985,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Element Solutions <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">785,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,926,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">FutureFuel Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">588,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,472,743</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hawkins <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,099,744</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Huntsman Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,989,146</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Innospec <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,597,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Minerals Technologies <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,449</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,514,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Mosaic Company (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">480,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,056,305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">NewMarket Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,186,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Quaker Chemical</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,290,878</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Stepan Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">329,323</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Tredegar Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,466</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt">Trinseo</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">24,902</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">1,275,231</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">105,857,525</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 70%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>December
31, 2020</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule
of Investments (continued)</B> </FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(168,169,173) 1pt solid">SHARES</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(168,169,173) 1pt solid">VALUE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">MATERIALS (continued)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONSTRUCTION MATERIALS - 0.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Imerys <SUP><A HREF="#f004_v1">4</A></SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">90,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">4,253,512</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 0; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S. Concrete <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">6,620</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">264,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">4,518,114</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONTAINERS &amp; PACKAGING - 0.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Myers Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">794,108</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UFP Technologies <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">4,060</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">189,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">983,304</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">METALS &amp; MINING - 4.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Alamos Gold Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,091,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,269,507</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ferroglobe (Warranty Insurance Trust) <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f005_v1">5</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Gold Fields ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,429,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Haynes International <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,715,376</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Hecla Mining</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">321,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,082,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IAMGOLD Corporation <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,202,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">&dagger;Kaiser Aluminum</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,384</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Lundin Mining</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">640,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,681,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MAG Silver <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,081,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Major Drilling Group International <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,217,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,395,371</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Materion Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,794</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241,754</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Pan American Silver</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,627</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,300,878</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pretium Resources <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,157,663</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reliance Steel &amp; Aluminum <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,729,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Royal Gold <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,765,576</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">SunCoke Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,256</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331,714</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">VanEck Vectors Junior Gold Miners ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,434,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Warrior Met Coal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">946,245</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Worthington Industries <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">64,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">3,301,162</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">79,148,767</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">PAPER &amp; FOREST PRODUCTS - 0.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Glatfelter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,829</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Mercer International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">832,269</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Neenah</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,071</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,248</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Schweitzer-Mauduit International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,243,534</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt">Stella-Jones</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">170,736</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">6,207,606</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">8,391,486</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">Total (Cost $134,701,400)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">198,899,196</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 8pt">REAL ESTATE &ndash; 3.5%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York REIT <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f005_v1">5</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">183,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">OUTFRONT Media</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: rgb(168,169,173) 1pt solid">4,496,844</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">4,679,844</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">REAL ESTATE MANAGEMENT &amp; DEVELOPMENT - 3.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Colliers International Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,490,408</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">FirstService Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,808,488</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FRP Holdings <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,487,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Jones Lang LaSalle <SUP><A HREF="#f001_v1">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,955,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kennedy-Wilson Holdings <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">532,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,531,863</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Marcus &amp; Millichap <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,436,986</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RMR Group (The) Cl. A <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,093,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">St. Joe Company (The) <SUP><A HREF="#f002_v1">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,345,060</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tejon Ranch <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f002_v1">2</A>,<A HREF="#f003_v1">3</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">557,136</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">8,050,615</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">61,199,319</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">Total (Cost $49,422,510)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">65,879,163</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-top: 8pt">UTILITIES &ndash; 0.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">WATER UTILITIES - 0.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: rgb(168,169,173) 1pt solid">American States Water</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">11,453</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">910,628</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">Total (Cost $940,950)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">910,628</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid; padding-top: 8pt">TOTAL COMMON STOCKS</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">(Cost $1,321,724,455)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">1,938,168,256</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-top: 8pt">WARRANTS &ndash; 0.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 8pt">INFORMATION TECHNOLOGY &ndash; 0.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SEMICONDUCTORS &amp; SEMICONDUCTOR EQUIPMENT - 0.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: rgb(168,169,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">eMagin Corporation (Warrants) <SUP><A HREF="#f001_v1">1</A>,<A HREF="#f005_v1">5</A></SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">50,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">Total (Cost $0)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid; padding-top: 8pt">TOTAL WARRANTS</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">(Cost $0)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 49</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December
31, 2020</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Value Trust</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Schedule
of Investments (continued)</B> &nbsp;</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(168,169,173) 1pt solid">VALUE</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-top: 8pt">REPURCHASE AGREEMENT&ndash; 1.3%</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-bottom: rgb(168,169,173) 1pt solid">Fixed Income Clearing Corporation, 0.00% dated 12/31/20, due 1/4/21, maturity value $23,367,895 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 12/31/22, valued at $23,835,300)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="width: 85%; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">(Cost $23,367,895)</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">23,367,895</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">TOTAL INVESTMENTS &ndash; 103.9%</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">(Cost $1,345,092,350)</TD><TD STYLE="font-weight: bold; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; font-weight: bold; text-align: right">1,961,541,151</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">LIABILITIES LESS CASH AND OTHER ASSETS &ndash; (3.9)%</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right; border-bottom: rgb(168,169,173) 1pt solid">(72,934,955</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(168,169,173) 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(214,234,247)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">NET ASSETS &ndash; 100.0%</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,888,606,196</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADR
&ndash; American Depository Receipt</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New
additions in 2020.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in; text-indent: -3.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="f001_v1"></A>1</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-income
                                         producing.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="f002_v1"></A>2</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">All
                                         or a portion of these securities were pledged as collateral in connection with the Fund&rsquo;s
                                         revolving credit agreement at December 31, 2020. Total market value of pledged securities
                                         at December 31, 2020, was $203,413,452.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="f003_v1"></A>3</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">At
                                         December 31, 2020, a portion of these securities were rehypothecated in connection with
                                         the Fund&rsquo;s revolving credit agreement in the aggregate amount of $58,333,577.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="f004_v1"></A>4</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">These
                                         securities are defined as Level 2 securities due to fair value being based on quoted
                                         prices for similar securities and/or due to the application of fair value factors. See
                                         Notes to Financial Statements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="f005_v1"></A>5</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Securities
                                         for which market quotations are not readily available represent 0.0% of net assets. These
                                         securities have been valued at their fair value under procedures approved by the Fund&rsquo;s
                                         Board of Directors. These securities are defined as Level 3 securities due to the use
                                         of significant unobservable inputs in the determination of fair value. See Notes to Financial
                                         Statements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"></TD><TD STYLE="width: 5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="f006_v1"></A>6</SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">At
                                         December 31, 2020, the Fund owned 5% or more of the Company&rsquo;s outstanding voting securities
                                         thereby making the Company an Affiliated Company as that term is defined in the Investment
                                         Company Act of 1940. See Notes to Financial Statements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Bold
indicates the Fund&rsquo;s 20 largest equity holdings in terms of December 31, 2020, market value. </B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TAX
INFORMATION: </B>The cost of total investments for Federal income tax purposes was $1,352,974,703. At December 31, 2020, net unrealized
appreciation for all securities was $608,566,448 consisting of aggregate gross unrealized appreciation of $690,302,491 and aggregate
gross unrealized depreciation of $81,736,043. The primary causes of the difference between book and tax basis cost are the timing
of the recognition of losses on securities sold, investments in publicly traded partnerships and Trusts, investments in Real Estate
Investment Trusts and mark-to-market of Passive Foreign Investment Companies.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 70%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0; font: 8pt Arial, Helvetica, Sans-Serif"></P>


<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Value
    Trust</FONT></TD>
    <TD STYLE="width: 28%; text-align: right; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">December
    31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><A NAME="a011_v1"></A>Statement
    of Assets and Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ASSETS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    at value</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-Affiliated
    Companies</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,932,374,366</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Affiliated
    Companies</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,798,890</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repurchase
    agreements (at cost and value)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,367,895</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    currency (cost $68,878)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,043</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Receivable
    for investments sold</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,954,225</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Receivable
    for dividends</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">809,651</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Prepaid
    expenses and other assets</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">759,704</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,965,134,036</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LIABILITIES:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revolving
    credit agreement</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,000,000</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for investments purchased</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,439,049</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for investment advisory fee</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,769,992</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for directors&rsquo; fees</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,623</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payable
    for interest expense</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,284</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accrued
    expenses</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,892</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>76,527,840</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,888,606,196</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ANALYSIS OF NET ASSETS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paid-in
    capital - $0.001 par value per share; 101,972,697 shares outstanding (150,000,000 shares authorized)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,251,492,256</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    distributable earnings (loss)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">637,113,940</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Assets (net asset value per share - $18.52)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,888,606,196</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    at identified cost</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,321,724,455</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 35%; padding-left: 0.5in; text-align: right; text-indent: -0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020
    Annual Report to Stockholders | 51</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Value Trust</FONT></TD>
    <TD STYLE="width: 37%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Year Ended December 31,
    2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
    of Operations</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INVESTMENT INCOME:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INCOME:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-Affiliated
    Companies</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,783,046</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Affiliated
    Companies</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">170,754</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    withholding tax</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(703,579</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,904</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rehypothecation
    income</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">305,536</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    income</B></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22,650,661</B></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EXPENSES:</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment
    advisory fees</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,287,050</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest
    expense</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,141,003</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Administrative
    and office facilities</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">695,510</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stockholder
    reports</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">386,528</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Custody
    and transfer agent fees</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">194,880</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Directors&rsquo;
    fees</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">161,314</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Professional
    fees</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">147,603</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    expenses</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">154,139</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,168,027</B></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    investment income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,482,634</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
    AND FOREIGN CURRENCY:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET REALIZED
    GAIN (LOSS):</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    in Non-Affiliated Companies</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121,579,077</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreign
    currency transactions</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30,507</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET CHANGE
    IN UNREALIZED APPRECIATION (DEPRECIATION):</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    in Non-Affiliated Companies</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">197,937,773</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments
    in Affiliated Companies</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,075,885</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    assets and liabilities denominated in foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,604</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    realized and unrealized gain (loss) on investments and foreign currency</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>317,424,062</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>319,906,696</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 65%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Value Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
    of Changes in Net Assets</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR
    ENDED 12/31/20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR
    ENDED 12/31/19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT OPERATIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,482,634</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,410,880</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net realized
    gain (loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121,548,570</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,224,189</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net change
    in unrealized appreciation (depreciation) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">195,875,492</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">295,900,611</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    increase (decrease) in net assets from investment operations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>319,906,696</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>384,535,680</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    distributable earnings</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(103,833,503</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(105,830,150</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total distributions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(103,833,503</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(105,830,150</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL STOCK TRANSACTIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reinvestment
    of distributions</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,493,510</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,227,078</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    capital stock transactions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>44,493,510</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>45,227,078</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Increase (Decrease) In Net Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>260,566,703</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>323,932,608</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET ASSETS:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Beginning
    of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,628,039,493</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,304,106,885</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>End
    of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,888,606,196</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,628,039,493</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 53</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Value Trust</FONT></TD>
    <TD STYLE="width: 27%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Year Ended
    December 31, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 83%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Statement
    of Cash Flows</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CASH FLOWS FROM OPERATING ACTIVITIES:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net increase
    (decrease) in net assets from investment operations</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">319,906,696</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjustments
    to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchases
    of long-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(555,522,704</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from sales and maturities of long-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">622,602,907</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    purchases, sales and maturities of short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,214,895</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    (increase) decrease in dividends and interest receivable and other assets</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">412,105</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase (decrease) in interest expense payable, accrued expenses and other liabilities</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">658,543</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    change in unrealized appreciation (depreciation) on investments</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(195,861,888</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    realized gain (loss) on investments</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(121,579,077</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    cash provided by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>59,401,687</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CASH FLOWS FROM FINANCING ACTIVITIES:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(103,833,503</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reinvestment
    of distributions</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,493,510</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    cash used for financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(59,339,993</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INCREASE
    (DECREASE) IN CASH:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>61,694</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash
    and foreign currency at beginning of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,611</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash
    and foreign currency at end of year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>69,305</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Supplemental
disclosure of cash flow information:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
the year ended December 31, 2020, the Fund paid $1,242,322 in interest expense.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54 | 2020 Annual Report to
    Stockholders</FONT></TD>
    <TD STYLE="width: 65%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING
    NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Value Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="16" STYLE="vertical-align: top; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial
    Highlights</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="16" STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
    table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders
    in evaluating the Fund&rsquo;s performance for the periods presented.</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="16" STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEARS
    ENDED</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/19</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/18</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/17</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/16</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Asset Value, Beginning of Period</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16.58</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.73</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17.50</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15.85</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.56</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT OPERATIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.03</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.11</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.18</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.13</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.12</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net realized
    and unrealized gain (loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.02</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.90</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.46</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.74</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.27</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    increase (decrease) in net assets from investment operations</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.05</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4.01</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2.28</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.87</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.39</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment
    income</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.09</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.11</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.19</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.13</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.13</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net realized
    gain on investments and foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.95</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.99</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.07</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.03</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.89</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    distributions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.04</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.10</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.26</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.16</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1.02</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL STOCK TRANSACTIONS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Effect
    of reinvestment of distributions by Common Stockholders</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.07</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.08</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Effect
    of rights offering</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.17</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total capital stock transactions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.07</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.06</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.23</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.06</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.08</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Asset Value, End of Period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18.52</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16.58</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.73</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17.50</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15.85</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E9F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Market
    Value, End of Period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16.14</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14.77</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11.80</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16.17</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.39</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL RETURN:<SUP><A HREF="#g001_v1">1</A></SUP></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Asset
    Value</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.85</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30.46</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14.45</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.31</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.87</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Value</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35.23</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(20.43</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30.49</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.48</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RATIOS BASED ON AVERAGE NET ASSETS:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment
    advisory fee expense<SUP><A HREF="#g002_v1">2</A></SUP></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.15</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.49</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.42</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.43</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.51</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.19</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.27</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.21</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.22</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.22</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    expenses (net)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.34</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.76</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.63</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.65</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.73</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses
    excluding interest expense</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.26</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.61</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.52</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.54</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.62</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses
    prior to balance credits</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.34</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.76</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.63</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.65</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.73</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment
    income (loss)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.16</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.69</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.06</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.80</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.85</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SUPPLEMENTAL DATA:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Assets,
    End of Period (in thousands)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,888,606</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,628,039</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,304,107</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,480,449</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,296,012</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Portfolio
    Turnover Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REVOLVING CREDIT AGREEMENT:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    coverage</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2798</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2426</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2998</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2215</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1951</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset coverage
    per $1,000</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,980</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,258</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,980</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,149</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,514</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="g001_v1"></A><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         Market Value Total Return is calculated assuming a purchase of Common Stock on the opening
                                         of the first business day and a sale on the closing of the last business day of each
                                         period. Dividends and distributions are assumed for the purposes of this calculation
                                         to be reinvested at prices obtained under the Fund&rsquo;s Distribution Reinvestment and Cash
                                         Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that
                                         the Fund&rsquo;s net asset value is used on the purchase, sale and dividend reinvestment dates
                                         instead of market value.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 6pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="g002_v1"></A><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         investment advisory fee is calculated based on average net assets over a rolling 60-month
                                         basis, while the above ratios of investment advisory fee expenses are based on the average
                                         net assets over a 12-month basis.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE
    AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 55</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royce
Value Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Summary
of Significant Accounting Policies: </B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
Value Trust, Inc. (the &ldquo;Fund&rdquo;), is a diversified closed-end investment company that was incorporated under the laws
of the State of Maryland on July 1, 1986. The Fund commenced operations on November 26, 1986.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during
the reporting period. Actual results could differ from those estimates.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 &ldquo;Financial Services-Investment Companies.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
&amp; Associates, LP, the Fund&rsquo;s investment adviser, primarily conducts business using the name Royce Investment Partners
(&ldquo;Royce&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION
OF INVESTMENTS:&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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&rsquo;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&rsquo;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.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Various
inputs are used in determining the value of the Fund&rsquo;s investments, as noted above. These inputs are summarized in the three
broad levels below:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9.35pt"></TD><TD STYLE="width: 15pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 1&nbsp;&ndash;&nbsp;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">quoted
prices in active markets for identical securities.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9.35pt"></TD><TD STYLE="width: 15pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 2&nbsp;&ndash;&nbsp;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 and foreign securities that were fair valued are noted in the Schedule of Investments.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 9.35pt"></TD><TD STYLE="width: 15pt; text-align: left; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 3&nbsp;&ndash;&nbsp;</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following is a summary of the inputs used to value the Fund&rsquo;s investments as of December 31, 2020. For a detailed breakout
of common stocks by sector classification, please refer to the Schedule of Investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.1pt; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>LEVEL 1</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>LEVEL 2</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>LEVEL 3</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTAL</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; width: 43%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,872,929,667</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,312,589</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">926,000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,938,168,256</B></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Warrants</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,000</B></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repurchase
    Agreement</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,367,895</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23,367,895</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56 | 2020 Annual Report to
    Stockholders</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Value
    Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued)</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION
OF INVESTMENTS (continued):</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level
3 Reconciliation</B>:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF 12/31/19</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SALES</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNREALIZED
    GAIN (LOSS)<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF 12/31/20</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,085,100</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10,500</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(148,600)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$926,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Warrants</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized
appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during
the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.
Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REPURCHASE
AGREEMENTS:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may enter into repurchase agreements with institutions that the Fund&rsquo;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 December 31, 2020 is overnight and continuous.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 8.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FOREIGN
CURRENCY:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies,
expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities
transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund&rsquo;s
books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses
arise from changes in the value of assets and liabilities, other than investments in securities at the end of the reporting period,
as a result of changes in foreign currency exchange rates.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The Fund does not isolate that portion of the results of operations
resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices
of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TAXES:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes
to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes
information regarding income taxes under the caption &ldquo;Tax Information.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAPITAL
GAINS TAXES:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may be subject to a tax imposed on capital gains on securities of issuers domiciled in certain countries. The
Fund records an estimated deferred tax liability for gains in these securities that have been held for less than one year. This
amount, if any, is reported as deferred capital gains tax in the accompanying Statement of Assets and Liabilities, assuming those
positions were disposed of at the end of the period.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISTRIBUTIONS:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund pays quarterly distributions on the Fund&rsquo;s Common Stock at the annual rate of 7% of the rolling average of the prior
four calendar quarter-end NAVs of the Fund&rsquo;s Common Stock, with the fourth quarter distribution being the greater of 1.75%
of the rolling average or the distribution required by IRS regulations. Distributions to Common Stockholders are recorded on ex-dividend
date. To the extent that distributions in any year are not paid from long-term capital gains, net investment income or net short-term
capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations
that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences
relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment
income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or
gain remaining undistributed at fiscal year end is distributed in the following year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 57</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Value Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued) </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INVESTMENT
TRANSACTIONS AND RELATED INVESTMENT INCOME:&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income
is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premiums and
discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment
transactions are determined on the basis of identified cost for book and tax purposes.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXPENSES:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund&rsquo;s operations,
while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and
other administrative expenses related to the Funds are allocated by Royce under an administration agreement and are included in
administrative and office facilities and professional fees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPENSATING
BALANCE CREDITS:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has an arrangement with its custodian bank, whereby a portion of the custodian&rsquo;s fee is paid indirectly by credits earned
on the Fund&rsquo;s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely,
the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive
cash balances.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital
Stock:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund issued 3,754,864 and 3,207,809 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2020
and December 31, 2019, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Borrowings:
</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI).
The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed
by the Fund under the credit agreement. The credit agreement has a 179-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 comply with other financial covenants
set forth in 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&rsquo;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. BNPPI may also terminate the credit agreement upon sixty (60) calendar
days&rsquo; prior written notice to the Fund in the event the Fund&rsquo;s net asset value per share as of the close of business
on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund&rsquo;s net asset value
per share as of the close of business on the last business day of the immediately preceding calendar month.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The Fund has the right to reduce the maximum
amount it can borrow under the credit agreement upon one (1) business day&rsquo;s prior written notice to BNPPI. In addition,
the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not
exceed $150,000,000.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of December 31, 2020, the Fund has outstanding borrowings of $70,000,000. During the year ended December 31, 2020, the Fund borrowed
an average daily balance of $70,000,000 at a weighted average borrowing cost of 1.60%. The maximum amount outstanding during the
year ended December 31, 2020, was $70,000,000. As of December 31, 2020, the aggregate value of rehypothecated securities was $58,333,577.
During the year ended December 31, 2020, the Fund earned $305,536 in fees from rehypothecated securities.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-indent: 9.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58 | 2020 Annual Report to
    Stockholders</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Value Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued) </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Advisory Agreement: </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
July 31, 2020, Franklin Resources, Inc. (&ldquo;Franklin Resources&rdquo;) acquired Legg Mason, Inc. in an all-cash transaction.
As a result of the transaction, Royce, the investment adviser to the Fund, became an indirect, majority-owned subsidiary of Franklin
Resources. Under the Investment Company Act of 1940, consummation of the transaction automatically terminated the investment advisory
agreement that was in place for the Fund prior to the transaction. Royce continues to provide uninterrupted services to the Fund
pursuant to a new investment advisory agreement that was approved by the Fund&rsquo;s stockholders. The terms and conditions of
the Fund&rsquo;s new investment advisory agreement are substantially identical to those of its prior investment advisory agreement.
The Fund&rsquo;s contractual investment advisory fee rate under the new investment advisory agreement did not change from the
prior investment advisory agreement. Royce has continued to operate as an independent investment organization with its own brand
after completion of the transaction. There have been no changes to the management or investment teams at Royce as a result of
the transaction.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
compensation for its services under the investment advisory agreement, Royce receives a fee comprised of a Basic Fee
(&ldquo;Basic Fee&rdquo;) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to
the investment record of the S&amp;P SmallCap 600 Index (&ldquo;S&amp;P 600&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&rsquo;s month-end net assets
for the rolling 60-month period ending with such month (the &ldquo;performance period&rdquo;). The Basic Fee for each month is
increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds,
or is exceeded by, the percentage change in the investment record of the S&amp;P 600 for the performance period by more than two
percentage points. The performance period for each such month is a rolling 60-month period ending with such month. The maximum
increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly
fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage
change in the investment record of the S&amp;P 600 by 12 or more percentage points for the performance period, and the minimum
monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of
the S&amp;P 600 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding
the foregoing, Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling
36-month period ending with such month is negative. In the event that the Fund&rsquo;s investment performance for such a performance
period is less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance
period.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the twelve rolling 60-month periods in 2020, the Fund&rsquo;s investment performance ranged from 2% below to 23% above the investment
performance of the S&amp;P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $12,618,331 and a net
upward adjustment of $4,668,719 for the performance of the Fund relative to that of the S&amp;P 600. For the year ended December
31, 2020, the Fund expensed Royce investment advisory fees totaling $17,287,050.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchases
and Sales of Investment Securities:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the year ended December 31, 2020, the costs of purchases and proceeds from sales of investment securities, other than short-term
securities, amounted to $556,634,049 and $621,550,034, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cross
trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio
securities between funds to which Royce serves as investment adviser. The Fund&rsquo;s Chief Compliance Officer reviews such transactions
each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of her review
to the Board of Directors. Cross trades for the year ended December 31, 2020, were as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COSTS
    OF PURCHASES</B></FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PROCEEDS
    FROM SALES</B></FONT></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$19,532,118</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$870,464</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(922,571)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Tax
Information:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions
during the years ended December 31, 2020 and 2019, were characterized as follows for tax purposes:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    INCOME</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LONG-TERM
    CAPITAL GAINS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2019</B></FONT></TD></TR>
<TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10,601,401</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$15,576,453</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$93,232,102</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$90,253,697</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
tax basis components of distributable earnings at December 31, 2020, were as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED</B><BR>
    <B>ORDINARY INCOME</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED
    LONG-TERM</B><BR>
    <B>CAPITAL GAINS OR</B><BR>
    <B>(CAPITAL LOSS CARRYFORWARD)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    UNREALIZED</B><BR>
    <B>APPRECIATION</B><BR>
    <B>(DEPRECIATION)<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-right: #A7A9AC 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>QUALIFIED
    LATE YEAR</B><BR>
    <B>ORDINARY AND</B><BR>
    <B>POST-OCTOBER LOSS</B><BR>
    <B>DEFERRALS<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B><BR>
    <B>DISTRIBUTABLE</B><BR>
    <B>EARNINGS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$19,570,094</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8,965,635</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$608,578,211</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&ndash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$637,113,940</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Includes
timing differences on foreign currency, recognition of losses on securities sold, investments in Real Estate Investment Trusts,
investments in publicly traded partnerships and Trusts and mark-to-market of Passive Foreign Investment Companies.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Under
the current tax law, capital losses and qualified late year ordinary losses incurred after October 31 may be deferred and treated
as occurring on the first day of the following fiscal year. This column also includes passive activity losses.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 59</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Value Trust</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Notes
to Financial Statements (continued) </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Tax
Information (continued): </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
financial reporting purposes, capital accounts and distributions to stockholders are adjusted to reflect the tax character of
permanent book/tax differences. For the year ended December 31, 2020, the Fund recorded the following permanent reclassificatons,
which relate primarily to publicly traded partnerships and Trusts and gains from the sale of Passive Foreign Investment Companies.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    DISTRIBUTABLE EARNINGS (LOSS)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; border-left: Silver 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PAID-IN
    CAPITAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$199</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Silver 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(199)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management
has analyzed the Fund&rsquo;s tax positions taken on federal income tax returns for all open tax years (2017-2020) and has concluded
that as of December 31, 2020, no provision for income tax is required in the Fund&rsquo;s financial statements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Transactions
in Affiliated Companies: </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.7pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An
&ldquo;Affiliated Company&rdquo; as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more
of the company&rsquo;s outstanding voting securities at any time during the period. The following transactions were effected in
shares of such companies for the year ended December 31, 2020:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AFFILIATED
    COMPANY</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B><BR>
    <B>12/31/19</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MARKET
    VALUE</B><BR>
    <B>12/31/19</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COSTS
    OF</B><BR>
    <B>PURCHASES</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PROCEEDS</B><BR>
    <B>FROM SALES</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED</B><BR>
    <B>GAIN (LOSS)</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CHANGE
    IN NET</B><BR>
    <B>UNREALIZED</B><BR>
    <B>APPRECIATION</B><BR>
    <B>(DEPRECIATION)</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DIVIDEND</B><BR>
    <B>INCOME</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B><BR>
    <B>12/31/20</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MARKET
    VALUE</B><BR>
    <B>12/31/20</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="width: 31%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INDUSTRIALS - 0.1%</B></FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TRADING COMPANIES &amp; DISTRIBUTORS - 0.1%</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Houston
    Wire &amp; Cable <SUP>1,2</SUP></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">877,363</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,869,171</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,421,328</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">877,363</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,447,843</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4; font-size: 8pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,869,171</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,421,328</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,447,843</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INFORMATION TECHNOLOGY - 0.2%</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ELECTRONIC EQUIPMENT, INSTRUMENTS &amp; COMPONENTS
    - 0.2%</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Richardson
    Electronics <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">711,475</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,005,604</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(654,557</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">170,754</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">711,475</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,351,047</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4; font-size: 8pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,005,604</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(654,557</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>170,754</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,351,047</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5; font-size: 8pt">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,874,775</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,075,885</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$170,754</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,798,890</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1
</SUP>At December 31, 2020, the Fund owned 5% or more of the Company&rsquo;s outstanding voting securities thereby making the Company
an Affiliated Company as that term is defined in the Investment Company Act of 1940.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2
</SUP>Non-income producing.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subsequent
Events: </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsequent
events have been evaluated through the date the financial statements were issued.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60 | 2020 Annual Report to
    Stockholders</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Report
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>To
the Board of Directors and Stockholders of Royce Value Trust, Inc.:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Opinion
on the Financial Statements </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Royce Value Trust,
Inc. (the &ldquo;Fund&rdquo;) as of December 31, 2020, the related statements of operations and cash flows for the year ended
December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including
the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively
referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Fund as of December 31, 2020, the results of its operations and its cash flows for the
year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial
highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally
accepted in the United States of America.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Basis
for Opinion </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">These
financial statements are the responsibility of the Fund&rsquo;s management. Our responsibility is to express an opinion on the
Fund&rsquo;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers;
when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable
basis for our opinion.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 302.45pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/PricewaterhouseCoopers<BR>
LLP New York, New York<BR>
February 22, 2021</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 302.45pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020 Annual
    Report to Stockholders | 61</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a012_v1"></A>History
Since Inception</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The
following table details the share accumulations by an initial investor in the Funds who reinvested all distributions and participated
fully in primary subscriptions for each of the rights offerings. Full participation in distribution reinvestments and rights offerings
can maximize the returns available to a long-term investor. This table should be read in conjunction with the Performance and
Portfolio Reviews of the Funds.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>HISTORY</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AMOUNT
    INVESTED</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PURCHASE
    PRICE <SUP><A HREF="#h001_v1">1</A></SUP></B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NAV
    VALUE <SUP><A HREF="#h002_v1">2</A></SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MARKET
    VALUE <SUP><A HREF="#h002_v1">2</A></SUP></B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-right: #A7A9AC 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Royce
    Global Value Trust</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/17/13</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: #A7A9AC 1pt solid; border-right: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Initial
    Purchase</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #A7A9AC 1pt solid; border-right: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,975</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #A7A9AC 1pt solid; border-right: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.975</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #A7A9AC 1pt solid; border-right: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #A7A9AC 1pt solid; border-right: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,780</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,975</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/11/14</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.15</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.970</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,426</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,193</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/10/15</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.10</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.230</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,101</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,696</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/9/16</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.14</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.940</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,111</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,446</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/12/17</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.11</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.610</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,254</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,484</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/12/18</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.04</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.500</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,118</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,475</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/11/19</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.06</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.670</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,593</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,543</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/20</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $1.19</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.441</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/20</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,975</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,168</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,462</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,604</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Royce
    Micro-Cap Trust</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/14/93</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Initial
    Purchase</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7,250</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/28/94</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,400</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/19/94</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.05</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.750</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,163</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,462</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/7/95</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.36</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.500</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,264</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,136</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/96</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.80</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.625</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">133</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,132</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,550</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/5/97</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $1.00</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,694</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,593</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/7/98</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.29</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.625</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,016</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,129</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/99</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.27</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.781</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,051</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,769</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/00</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $1.72</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.469</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">333</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,016</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,026</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/01</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.57</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.880</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,701</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,924</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2002</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.80</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.518</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,297</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,142</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2003</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.92</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.004</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">217</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,125</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,311</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2004</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.33</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.350</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,320</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,788</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2005</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.85</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.848</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">383</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,969</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2006</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.55</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.246</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">354</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,385</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,647</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2007</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.35</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.584</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">357</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,709</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,802</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2008</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.19<A HREF="#h003_v1">&sup3;</A></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.237</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">578</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,205</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,807</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3/11/09</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.22<A HREF="#h003_v1">&sup3;</A></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.260</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">228</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,314</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,212</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/2/10</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.08</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.400</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,094</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,884</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2011</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.53<A HREF="#h003_v1">&sup3;</A></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.773</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">289</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,014</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43,596</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.51</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.084</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">285</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,501</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,669</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.38</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.864</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">630</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,110</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,222</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $2.90</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.513</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,704</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86,071</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,507</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.26</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.974</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,256</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,987</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,222</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.64</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.513</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">779</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92,689</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,540</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.69</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.746</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">783</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,076</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98,254</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.75</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.993</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">893</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96,398</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,853</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.68</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.297</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">955</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">118,025</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104,666</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.61</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.944</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,120</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/20</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,900</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,376</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,811</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135,365</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-indent: -4.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="h001_v1"></A>The
                                         purchase price used for annual distribution totals is a weighted average of the distribution
                                         reinvestment prices for the year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="h002_v1"></A>Values
                                         are stated as of December 31 of the year indicated, after reinvestment of distributions,
                                         other than for initial purchase.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="h003_v1"></A>Includes
                                         a return of capital.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This page is not part of the
    2020 Annual Audited Financial Statements</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">History
Since Inception (continued)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>HISTORY</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AMOUNT
    INVESTED</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PURCHASE
    PRICE <SUP><A HREF="#i001_v1">1</A></SUP></B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NAV
    VALUE<A HREF="#i002_v1">&sup2;</A></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MARKET
    VALUE<A HREF="#i002_v1">&sup2;</A></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Royce Value Trust</B></FONT></TD>
    <TD STYLE="border-right: rgb(167,169,172) 1pt solid; border-left: rgb(167,169,172) 1pt solid; padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11/26/86</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Initial
    Purchase</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,280</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/15/87</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.30</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/87</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.22</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.125</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,578</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,250</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/27/88</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.51</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.625</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,529</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,238</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/22/89</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">405</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/29/89</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.52</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.125</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,942</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,866</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/24/90</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">457</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.375</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/90</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.32</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,713</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,074</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/23/91</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">638</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.375</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/91</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.61</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.625</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,919</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,697</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/25/92</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">825</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/92</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.90</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.500</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,999</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,874</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/27/93</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,469</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">113</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/93</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $1.15</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,603</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,428</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/28/94</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,103</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.250</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/19/94</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $1.05</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.375</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">191</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,939</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,905</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11/3/95</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,425</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.500</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/7/95</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $1.29</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.125</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">253</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,676</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,243</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/96</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $1.15</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.250</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">247</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,213</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,335</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1997</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.21</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.374</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">230</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,556</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,814</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1998</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.54</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.311</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">347</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,313</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,506</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1999</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.37</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.616</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">391</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,653</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,239</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2000</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.48</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.972</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">424</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,711</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61,648</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2001</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.49</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.072</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">437</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,478</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73,994</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2002</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.51</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.903</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">494</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68,770</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68,927</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/28/03</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,600</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.770</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">520</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2003</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.30</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.582</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">516</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,216</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">107,339</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2004</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.55</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.604</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">568</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">128,955</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,094</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2005</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.61</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.739</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">604</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,808</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">148,773</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2006</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.78</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.696</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">693</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">167,063</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">179,945</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2007</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.85</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.687</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">787</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">175,469</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">165,158</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2008</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.72<A HREF="#i003_v1">&sup3;</A></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.307</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,294</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95,415</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,435</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3/11/09</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.32<A HREF="#i003_v1">&sup3;</A></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.071</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">537</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">137,966</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115,669</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/2/10</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.03</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.850</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">179,730</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">156,203</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2011</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.78<A HREF="#i003_v1">&sup3;</A></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.043</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">656</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">161,638</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,866</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.80</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.063</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">714</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">186,540</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">162,556</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $2.19<SUP><A HREF="#i004_v1">4</A></SUP></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.647</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,658</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">250,219</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">220,474</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.82</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.840</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,757</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,175</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">222,516</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.24</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.725</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,565</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">231,781</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,185</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.02</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.334</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,460</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">293,880</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">248,425</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.16</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.841</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,495</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">350,840</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">324,176</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    through 6/30/18 $0.59</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.962</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">748</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,289</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.330</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,041</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    after 6/30/18 $0.67</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.706</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,168</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">329,589</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">283,259</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.10</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.100</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,929</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">429,986</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">383,045</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.04</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.888</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,357</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D5E8F5">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/20</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,211</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>28,291</B></FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523,949</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456,617</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="i001_v1"></A>&nbsp;The
                                         purchase price used for annual distribution totals is a weighted average of the distribution
                                         reinvestment prices for the year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="i002_v1"></A>&nbsp;Values
                                         are stated as of December 31 of the year indicated, after reinvestment of distributions,
                                         other than for initial purchase.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="i003_v1"></A>&nbsp;Includes
                                         a return of capital.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 3.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><A NAME="i004_v1"></A>&nbsp;Includes
                                         Royce Global Value Trust spin-off of $1.40 per share.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 97%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This page
    is not part of the 2020 Annual Audited Financial Statements</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a013_v1"></A>Distribution
Reinvestment and Cash Purchase Options</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Why
should I reinvest my distributions?</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By
reinvesting distributions, a stockholder can maintain an undiluted investment in the Fund. The regular reinvestment of distributions
has a significant impact on stockholder returns. In contrast, the stockholder who takes distributions in cash is penalized when
shares are issued below net asset value to other stockholders.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">How
does the reinvestment of distributions from the Royce closed-end funds work?</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Funds automatically issue shares in payment of distributions unless you indicate otherwise. The shares are generally issued at
the lower of the market price or net asset value on the valuation date.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">How
does this apply to registered stockholders?</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
your shares are registered directly with a Fund, your distributions are automatically reinvested unless you have otherwise instructed
the Funds&rsquo; transfer agent, Computershare, in writing, in which case you will receive your distribution in cash. A registered
stockholder also may have the option to receive the distribution in the form of a stock certificate.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 211.7pt 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">What
if my shares are held by a brokerage firm or a bank?</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
your shares are held by a brokerage firm, bank, or other intermediary as the stockholder of record, you should contact your brokerage
firm or bank to be certain that it is automatically reinvesting distributions on your behalf. If they are unable to reinvest distributions
on your behalf, you should have your shares registered in your name in order to participate.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 222.8pt 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">What
other features are available for registered stockholders?</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Distribution Reinvestment and Cash Purchase Plans also allow registered stockholders to make optional cash purchases of shares
of a Fund&rsquo;s common stock directly through Computershare on a monthly basis, and to deposit certificates representing your
RVT and RMT shares with Computershare for safekeeping. (RGT does not issue shares in certificated form). Plan participants are
subject to a $0.75 service fee for each voluntary cash purchase under the Plans. The Funds&rsquo; investment adviser absorbed
all commissions on optional cash purchases under the Plans through December 31, 2020.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">How
do the Plans work for registered stockholders?</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Computershare
maintains the accounts for registered stockholders in the Plans and sends written confirmation of all transactions in the account.
Shares in the account of each participant will be held by Computershare in non-certificated form in the name of the participant,
and each participant will be able to vote those shares at a stockholder meeting or by proxy. A participant may also send stock
certificates for RVT and RMT held by them to Computershare to be held in non-certificated form. RGT does not issue shares in certificated
form. There is no service fee charged to participants for reinvesting distributions. If a participant elects to sell shares from
a Plan account, Computershare will deduct a $2.50 service fee from the sale transaction. The Funds&rsquo; investment adviser absorbed
all commissions on optional sales under the Plans through December 31, 2020. If a nominee is the registered owner of your shares,
the nominee will maintain the accounts on your behalf.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">How
can I get more information on the Plans?</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">You
can call an Investor Services Representative at (800) 221-4268 or you can request a copy of the Plan for your Fund from Computershare.
All correspondence (including notifications) should be directed to: [Name of Fund] Distribution Reinvestment and Cash Purchase
Plan, c/o Computershare, PO Box 43078, Providence, RI 02940-3078, telephone (800) 426-5523 (from 9:00 A.M. to 5:00 P.M.).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This page is not part of the
    2020 Annual Audited Financial Statements</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Black">
    <TD STYLE="font-size: 11pt; text-align: right; width: 100%">&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a014_v1"></A>Directors
and Officers</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">All
Directors and Officers may be reached c/o The Royce Funds, 745 Fifth Avenue, New York, NY 10151</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3D7B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Christopher
D. Clark, Director<SUP>1</SUP>, President</B><BR>
Age: 55 | Number of Funds Overseen: 16 | Tenure: Since 2014<BR>
<B>Principal Occupation(s) During Past Five Years:</B> Chief Executive Officer (since July 2016), President (since July 2014),
Co-Chief Investment Officer (Since January 2014), Managing Director of Royce, a Member of the Board of Managers of Royce, having
been employed by Royce since May 2007.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Patricia
W. Chadwick, Director</B><BR>
Age: 71 | Number of Funds Overseen: 16 | Tenure: Since 2009<BR>
<B>Non-Royce Directorships:</B> Trustee of Voya Mutual Funds and Director of Wisconsin Energy Corp.<BR>
<B>Principal Occupation(s) During Past 5 Years:</B> Consultant and President of Ravengate Partners LLC (since 2000).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Christopher
C. Grisanti, Director</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Age: 58 | Number of Funds Overseen: 16 | Tenure: Since
2017</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-Royce Directorships: </B>None</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Occupation(s) During Past Five Years: </B>Chief
Equity Strategist and Senior Portfolio Manager at MAI Capital Management LLC, an investment advisory firm (since May 2020). Previously,
Mr. Grisanti was Co-Founder and Chief Executive Officer of Grisanti Capital Management LLC, an investment advisory firm (from
1999 to 2020). Mr. Grisanti&rsquo;s prior business experience also includes serving as Director of Research and Portfolio Manager
at Spears Benzak, Salomon &amp; Farrell (from 1994 to 1999) and a senior associate at the law firm of Simpson, Thacher &amp; Bartlett
(from 1988 to 1994).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cecile
B. Harper, Director<SUP>2</SUP></B><BR>
Age: 57 | Number of Funds Overseen: 3 | Tenure: Since 2020<BR>
<B>Non-Royce Directorships:</B> None<BR>
<B>Principal Occupation(s) During Past Five Years:</B> Board Member of Pyramid Peak Foundation (since January 2012); and Chief
Operating Officer at the College Foundation at the University of Virginia (since October 2019). Ms. Harper&rsquo;s prior business
experience includes serving as Principal of Southeastern Asset Management (from December 1993 to September 2019); and a Board
Member of Regional One Health Foundation (from June 2013 to September 2019).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Arthur
S. Mehlman, Director</B><BR>
Age: 78 | Number of Funds Overseen: 36 | Tenure: Since 2004<BR>
<B>Non-Royce Directorships:</B> Director/Trustee of registered investment companies constituting the 20 Legg Mason Funds.<BR>
<B>Principal Occupation(s) During Past Five Years:</B> Director of The League for People with Disabilities, Inc.; Director of
University of Maryland Foundation (non-profits). Formerly: Director of Municipal Mortgage &amp; Equity, LLC (from October 2004
to April 1, 2011); Director of University of Maryland College Park Foundation (non-profit) (from 1998 to 2005); Partner, KPMG
LLP (international accounting firm) (from 1972 to 2002); Director of Maryland Business Roundtable for Education (from July 1984
to June 2002).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>G.
Peter O&rsquo;Brien, Director</B><BR>
Age: 74 | Number of Funds Overseen: 36 | Tenure: Since 2001<BR>
<B>Non-Royce Directorships:</B> Director/Trustee of registered investment companies constituting the 20 Legg Mason Funds.<BR>
<B>Principal Occupation(s) During Past Five Years:</B> Trustee Emeritus of Colgate University (since 2005); Board Member of Hill
House, Inc. (since 1999); Formerly Director of TICC Capital Corp (from 2003-2017): Trustee of Colgate University (from 1996 to
2005), President of Hill House, Inc. (from 2001 to 2005) and Managing Director/Equity Capital Markets Group of Merrill Lynch &amp;
Co. (from 1971 to 1999).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Michael
K. Shields, Director</B><BR>
Age: 62 | Number of Funds Overseen: 16 | Tenure: Since 2015<BR>
<B>Principal Occupation(s) During Past Five Years:</B> President and Chief Executive Officer of Piedmont Trust Company, a private
North Carolina trust company (since May 2012). Mr. Shields&rsquo;s prior business experience includes owning Shields Advisors,
an investment consulting firm (from April 2010 to June 2012).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Francis
D. Gannon, Vice President</B><BR>
Age: 52 | Tenure: Since 2014<BR>
<B>Principal Occupation(s) During Past Five Years:</B> Co-Chief Investment Officer (since January 2014) and Managing Director
of Royce, having been employed by Royce since September 2006.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Daniel
A. O&rsquo;Byrne, Vice President</B><BR>
Age: 58 | Tenure: Since 1994<BR>
<B>Principal Occupation(s) During Past Five Years:</B> Principal and Vice President of Royce, having been employed by Royce since
October 1986.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Peter
K. Hoglund, Treasurer</B><BR>
Age: 54 | Tenure: Since 2015<BR>
<B>Principal Occupation(s) During Past Five Years:</B> Chief Financial Officer, Chief Administrative Officer, and Managing Director
of Royce, having been employed by Royce since December 2014. Prior to joining Royce, Mr. Hoglund spent more than 20 years with
Munder Capital Management in Birmingham, MI, serving as Managing Director and Chief Financial Officer and overseeing all financial
aspects of the firm. He began his career at Munder as a portfolio manager.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>John
E. Denneen, Secretary and Chief Legal Officer</B><BR>
Age: 53 | Tenure: 1996-2001 and Since 2002<BR>
<B>Principal Occupation(s) During Past Five Years:</B> General Counsel, Managing Director, and, since June 2015, a Member of the
Board of Managers of Royce. Chief Legal and Compliance Officer and Secretary of Royce.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Lisa
Curcio, Chief Compliance Officer</B><BR>
Age: 60 | Tenure: Since 2004<BR>
<B>Principal Occupation(s) During Past Five Years:</B> Chief Compliance Officer of The Royce Funds (since October 2004) and Compliance
Officer of Royce (since June 2004).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interested
                                         Director.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Became
                                         a Director effective as of the close of business on September 24, 2020.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Director
will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 97%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This page
    is not part of the 2020 Annual Audited Financial Statements</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">|</FONT></TD>
    <TD STYLE="width: 2%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a015_v1"></A>Notes to Performance and Other Important
Information&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
thoughts expressed in this <I>Review and Report</I> concerning recent market movements and future prospects for small company
stocks are solely the opinion of Royce at December 31, 2020, and, of course, historical market trends are not necessarily indicative
of future market movements. Statements regarding the future prospects for particular securities held in the Funds&rsquo; portfolios
and Royce&rsquo;s investment intentions with respect to those securities reflect Royce&rsquo;s opinions as of December 31, 2020
and are subject to change at any time without notice. There can be no assurance that securities mentioned in this <I>Review and
Report</I> will be included in any Royce-managed portfolio in the future. Investments in securities of micro-cap, small-cap and/or mid-cap companies may involve considerably more risk than investments in securities of larger-cap companies. All publicly released
material information is always disclosed by the Funds on the website at www.royceinvest.com.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sector
weightings are determined using the Global Industry Classification Standard (&ldquo;GICS&rdquo;). GICS was developed by, and is
the exclusive property of, Standard &amp; Poor&rsquo;s Financial Services LLC (&ldquo;S&amp;P&rdquo;) and MSCI Inc. (&ldquo;MSCI&rdquo;).
GICS is the trademark of S&amp;P and MSCI. &ldquo;Global Industry Classification Standard (GICS)&rdquo; and &ldquo;GICS Direct&rdquo;
are service marks of S&amp;P and MSCI.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
indexes referred to are unmanaged and capitalization weighted. Each index&rsquo;s returns include net reinvested dividends and/or
interest income. Frank Russell Company (&ldquo;Russell&rdquo;) is the source and owner of the trademarks, service marks and copyrights
related to the Russell Indexes. Russell<SUP>&reg;</SUP> is a trademark of Frank Russell Company. Neither Russell nor its licensors
accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party
may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution
of Russell Data is permitted without Russell&rsquo;s express written consent. Russell does not promote, sponsor or endorse the
content of this communication. The Russell 2000 Index is an index of domestic small-cap stocks. It measures the performance of
the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell 2000 Value and Growth Indexes consist
of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. The Russell 2000 Pure
Value Index is an unmanaged index composed of securities with strong value characteristics selected from the Russell 2000 Index.
Securities are weighted based on their style score. The Russell 2000 Pure Growth Index is an unmanaged index composed of securities
with strong growth characteristics selected from the Russell 2000 Index. The Russell Microcap Index includes 1,000 of the smallest
securities in the Russell 2000 Index along with the next smallest eligible securities as determined by Russell. The Russell 1000
Index is an index of domestic large-cap stocks. It measures the performance of the 1,000 largest publicly traded companies in
the Russell 3000 Index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability
whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for
other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None
of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of
investment decision and may not be relied on as such. The MSCI ACWI Small Cap Index is an unmanaged, capitalization-weighted index
of global small-cap stocks. Index returns include net reinvested dividends and/or interest income. The S&amp;P SmallCap 600 Index
is an index of U.S. small-cap stocks selected by Standard &amp; Poor&rsquo;s based on market size, liquidity, and industry grouping,
among other factors. The CRSP (Center for Research in Security Pricing) equally divides the companies listed on the NYSE into
10 deciles based on market capitalization. Deciles 1-5 represent the largest domestic equity companies and Deciles 6-10 represent
the smallest. CRSP then sorts all listed domestic equity companies based on these market cap ranges. By way of comparison, the
CRSP 1-5 would have similar capitalization parameters to the S&amp;P 500 and the CRSP 6-10 would have similar capitalization parameters
to those of the Russell 2000. The Nasdaq 100 is an unmanaged, capitalization-weighted index. It measures the performance of the
100 largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization.
The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Returns
for the market indexes used in this report were based on information supplied to Royce by Russell Investments. The ISM Manufacturing
Index (ISM) monitors employment, production, inventories, new orders and supplier deliveries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Price-Earnings, or P/E, Ratio is calculated by dividing a company&rsquo;s share price by its trailing 12-month earnings-per-share
(EPS). The Price-to-Book, or P/B, Ratio is calculated by dividing a company&rsquo;s share price by its book value per share. The
Morningstar Style Map uses proprietary scores of a stock&rsquo;s value and growth characteristics to determine its placement in
one of the five categories listed on the horizontal axis. These characteristics are then compared to those of other stocks within
the same market capitalization band. Each is scored from zero to 100 for both value and growth attributes. The value score is
subtracted from the growth score to determine the overall style score. For the vertical, market cap axis, Morningstar subdivides
into size groups. Giant-cap stocks are defined as those that account for the top 40% of the capitalization of each style zone;
large-cap stocks represent the next 30%; mid-cap stocks the next 20%; small-cap stocks the next 7%; micro-cap stocks the smallest
3%. The Royce Funds is a service mark of The Royce Funds. Distributor: Royce Fund Services, LLC.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
Micro-Cap Trust, Inc. normally invests at least 80% of its assets in the equity securities of micro-cap companies while Royce
Value Trust, Inc. normally invests at least 65% of its assets in the equity securities of small- and micro-cap companies. In 2020,
these Funds updated their definitions of micro-cap and small-cap companies for these purposes. Accordingly, micro-cap companies
are now those that have a market capitalization not greater than that of the largest company in the Russell Microcap<SUP>&reg;
</SUP>Index at the time of its most recent reconstitution and small-cap companies are now those that have a market capitalization
not greater than that of the largest company in the Russell 2000<SUP>&reg;</SUP> Index at the time of its most recent reconstitution.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Forward-Looking
Statements</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
material contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), that involve risks and uncertainties, including, among others, statements as to:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; the Funds&rsquo; future operating
results</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; the prospects of the Funds&rsquo; portfolio companies</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; the impact of investments that the Funds have made
or may make</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; the dependence of the Funds&rsquo; future success on the general economy and its impact on the companies and
industries in which the Funds invest, and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&bull; the ability of the Funds&rsquo; portfolio companies to achieve their objectives.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
<I>Review and Report</I> uses words such as &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;future,&rdquo;
&ldquo;intends,&rdquo; and similar expressions to identify forward-looking statements. Actual results may differ materially from
those projected in the forward-looking statements for any reason. The Royce Funds have based the forward-looking statements included
in this Review and Report on information available to us on the date of the report, and we assume no obligation to update any
such forward-looking statements. Although The Royce Funds undertake no obligation to revise or update any forward-looking statements,
whether as a result of new information, future events or</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66
    | This page is not part of the 2020 Annual Audited Financial Statements</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a016_v2"></A>Notes
to Performance and Other Important Information (continued)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">otherwise,
you are advised to consult any additional disclosures that we may make through future stockholder communications or reports.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Authorized
Share Transactions</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
Global Value Trust, Royce Micro-Cap Trust, and Royce Value Trust may each repurchase up to 5% of the issued and outstanding shares
of its respective common stock during the year ending December 31, 2020. Any such repurchases would take place at then prevailing
prices in the open market or in other transactions. Common stock repurchases would be effected at a price per share that is less
than the share&rsquo;s then current net asset value.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
Global Value Trust, Royce Micro-Cap Trust, and Royce Value Trust are also authorized to offer their common stockholders an opportunity
to subscribe for additional shares of their common stock through rights offerings at a price per share that may be less than the
share&rsquo;s then current net asset value. The timing and terms of any such offerings are within each Board&rsquo;s discretion.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Annual
Certifications</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
required, the Funds have submitted to the New York Stock Exchange (&ldquo;NYSE&rdquo;) for the annual certification of the Funds&rsquo;
Chief Executive Officer that he is not aware of any violation of the NYSE&rsquo;s listing standards. The Funds also have included
the certification of the Funds&rsquo; Chief Executive Officer and Chief Financial Officer required by section 302 of the Sarbanes-Oxley
Act of 2002 as exhibits to the Funds&rsquo; form N-CSR for the period ended December 31, 2016, filed with the Securities and Exchange
Commission.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Proxy
Voting&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
copy of the policies and procedures that The Royce Funds use to determine how to vote proxies relating to portfolio securities
and information regarding how each of The Royce Funds voted proxies relating to portfolio securities during the most recent 12-month
period ended June 30 is available, without charge, on The Royce Funds&rsquo; website at www.royceinvest.com, by calling (800)
221-4268 (toll-free) and on the website of the Securities and Exchange Commission (&ldquo;SEC&rdquo;), at www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #336666"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Disclosure
of Portfolio Holdings</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Funds&rsquo; complete portfolio holdings are also available on Exhibit F to Form N-PORT, which filings are made with the SEC within
60 days of the end of the first and third fiscal quarters. The Funds&rsquo; Form N-PORT filings are available on the SEC&rsquo;s
website at http://www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
    page is not part of the 2020 Annual Audited Financial Statements | 67</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="a016_v1"></A>Results
of Stockholders Meeting</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Royce
Value Trust, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
a Special Meeting of Stockholders convened virtually on July 29, 2020, the Fund&rsquo;s stockholders approved a new investment
advisory agreement between the Fund and Royce &amp; Associates, LP.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 35%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 30%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-right: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    WITHHELD</B></FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,575,661</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,436,608</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,357,715</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
the 2020 Annual Meeting of Stockholders convened virtually on September 24, 2020, the Fund&rsquo;s stockholders elected three
Directors, consisting of:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 25%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    AGAINST</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher
    D. Clark</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,367,358</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,827,150</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,119,385</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher
    C. Grisanti</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">80,960,685</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,233,823</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">746,227</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cecile
    B. Harper</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,304,922</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,889,586</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,620,188</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Royce
Micro-Cap Trust, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
a Special Meeting of Stockholders convened virtually on July 14, 2020, the Fund&rsquo;s stockholders approved a new investment
advisory agreement between the Fund and Royce &amp; Associates, LP.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 35%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    WITHHELD</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47,575,661</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,436,608</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,357,715</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
the 2020 Annual Meeting of Stockholders convened virtually on September 24, 2020, the Fund&rsquo;s stockholders elected three
Directors, consisting of:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 25%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    AGAINST</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher
    D. Clark</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,833,397</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,028,708</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,119,385</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher
    C. Grisanti</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,839,425</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,022,680</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">746,227</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cecile
    B. Harper</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,795,629</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,066,476</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,620,188</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Royce
Global Value Trust, Inc.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
a Special Meeting of Stockholders convened virtually on December 17, 2020, the Fund&rsquo;s stockholders approved a new investment
advisory agreement between the Fund and Royce &amp; Associates, LP.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 35%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    WITHHELD</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,574,395</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,142,600</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81,376</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
the 2020 Annual Meeting of Stockholders convened virtually on September 24, 2020, the Fund&rsquo;s stockholders elected three
Directors, consisting of:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 25%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-right: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    AGAINST</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>VOTES
    ABSTAIN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher
    D. Clark</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,379,414</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,028,708</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,119,385</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher
    C. Grisanti</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,343,456</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,022,680</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">746,227</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cecile
    B. Harper</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,394,872</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid; border-left: rgb(160,170,173) 1pt solid; border-right: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,066,476</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(160,170,173) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,620,188</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68
    | This page is not part of the 2020 Annual Audited Financial Statements</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;<IMG SRC="img019_v1.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 72 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="background-color: Black; width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD>&nbsp;</td>
    </tr>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid; border-top: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid; border-top: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: rgb(173,174,181) 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: rgb(173,174,181) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="background-color: White; padding-left: 0.25in; padding-bottom: 4pt">&nbsp;<IMG SRC="img020_v1.jpg" ALT=""></TD>
    <TD STYLE="background-color: White; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="background-color: White; padding-bottom: 4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD STYLE="width: 5%"><font style="font-size: 16pt; color: White">&nbsp;</font></td>
    <TD STYLE="width: 45%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt; color: White">About Royce Investment Partners</font></td>
    <TD STYLE="width: 5%"><font style="font-size: 16pt; color: White">&nbsp;</font></td>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 16pt; color: White">Contact Us</FONT></td>
    <TD STYLE="width: 5%"><font style="font-size: 16pt; color: White">&nbsp;</font></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: White">&nbsp;</font></td>
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></td>
    <TD><font style="color: White">&nbsp;</font></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><p style="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White"><B>Unparalleled Knowledge + Experience</B></FONT></p>
        <p style="margin-top: 0; margin-bottom: 0"></p></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><p style="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: White"><B>GENERAL INFORMATION </B></FONT></p>
        <p style="margin-top: 0; margin-bottom: 0"></p></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">Pioneers in small-cap investing,
    with 45+ years </FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White">General Royce Funds information including an</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">of experience, depth of knowledge,
    and focus.</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: White">overview of our firm and Funds</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: White"><B>(800) 221-4268</B></FONT></P></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White"><B>Independent Thinking</B></FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: White 1pt solid"></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">The confidence to go against consensus,
    the insight </FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">to uncover opportunities others
    might miss, and the</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White"><B>COMPUTERSHARE</B></FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">tenacity to stay the course through
    market cycles.</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White"><B>Transfer Agent and Registrar</B></FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td> <TD><FONT STYLE="font-size: 8pt; color: White">Speak with a representative
                                         about:</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White"><B>Specialized Approaches</B></FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White">&bull; Your account, transactions, and forms</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">U.S., international, and global
    investment strategies </FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White"><B>(800) 426-5523</B></FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">that pursue approaches with different
    risk profiles.</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD STYLE="border-bottom: White 1pt solid"><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td> <TD><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White"><B>Unwavering Commitment</B></FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White"><B>FINANCIAL ADVISORS AND BROKER-DEALERS</B></FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">Our team of 18 portfolio managers
    has significant</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White">Speak with your regional Royce contact regarding:</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">personal investments in the strategies
    they manage.</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 8pt; color: White">&bull; Information about our firm, strategies, and Funds</FONT></td>
    <TD><FONT STYLE="font-size: 10pt; color: White">&nbsp;</FONT></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 8pt; color: White">&bull; Fund Materials</FONT></td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <TD>&nbsp;</td> <TD><FONT STYLE="font-size: 8pt; color: White"><B>(800) 337-6923</B></FONT></td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <TD>&nbsp;</td>
    <TD></td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD></td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</font></td>
    <TD>&nbsp;</td> <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD></td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><IMG SRC="img021_v1.jpg" ALT=""></font></td>
    <TD><font style="color: White">&nbsp;</font></td>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><IMG SRC="img022_v1.jpg" ALT=""></FONT></td>
    <TD><font style="color: White">&nbsp;</font></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: White">&nbsp;</font></td>
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: white"><FONT STYLE="font-size: 8pt; color: White">CE-REP-1220</FONT></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: white"></p>



</td>
    <TD><font style="color: White">&nbsp;</font></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: White">&nbsp;</font></td>
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></td>
    <TD><font style="color: White">&nbsp;</font></td>
    </tr>
<tr style="vertical-align: top; text-align: left; background-color: rgb(64,123,124)">
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: White">&nbsp;</font></td>
    <TD><font style="color: White">&nbsp;</font></td>
    <TD><FONT STYLE="font-size: 8pt; color: White">&nbsp;</FONT></td>
    <TD><font style="color: White">&nbsp;</font></td>
    </tr>
</table>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<!-- Field: Page; Sequence: 73; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
2. Code(s) of Ethics.</B> <FONT STYLE="font-weight: normal">As of the end of the period covered by this report, the Registrant
had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is
filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics
during the period covered by this report. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
3. Audit Committee Financial Expert. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
                                         Board of Directors of the Registrant has determined that it has an audit committee financial
                                         expert.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-weight: normal">Arthur S. Mehlman and Patricia W. Chadwick were designated by
the Board of Directors as the Registrant&rsquo;s Audit Committee Financial Experts, effective April 15, 2004 and April 8, 2010,
respectively. Mr. Mehlman and Ms. Chadwick are &ldquo;independent&rdquo; as defined under Item 3 of Form N-CSR.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
4. Principal Accountant Fees and Services.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Audit
                                         Fees:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year
ended December 31, 2020 - $47,557</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year
ended December 31, 2019 - $46,624</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Audit-Related
                                         Fees:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year
ended December 31, 2020 - $0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year
ended December 31, 2019 - $0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Tax
                                         Fees:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year
ended December 31, 2020 - $10,131 - Preparation of tax returns</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year
ended December 31, 2019 - $9,933 - Preparation of tax returns</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">All
                                         Other Fees:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.5pt; text-indent: -193.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year
ended December 31, 2020 - $0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.5pt; text-indent: -193.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.5pt; text-indent: -193.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year
ended December 31, 2019 - $0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 229.5pt; text-indent: -193.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(e)(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
Pre-Approval: On an annual basis, the Registrant&rsquo;s independent auditor submits to the Audit Committee a schedule of proposed
audit, audit-related, tax and other non-audit services to be rendered to the Registrant and/or investment adviser(s) for the following
year that require pre-approval by the Audit Committee. This schedule provides a description of each type of service that is expected
to require pre-approval and the maximum fees that can be paid for each such service without further Audit Committee approval.
The Audit Committee then reviews and determines whether to approve the types of scheduled services and the projected fees for
them. Any subsequent revision to already pre-approved services or fees (including fee increases) are presented for consideration
at the next regularly scheduled Audit Committee meeting, as needed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">If
subsequent to the annual pre-approval of services and fees by the Audit Committee, the Registrant or one of its affiliates determines
that it would like to engage the Registrant&rsquo;s independent auditor to perform a service not already pre-approved, the request
is to be submitted to the Registrant&rsquo;s Chief Financial Officer, and if he or she determines that the service fits within
the independence guidelines (e.g., it is not a prohibited service), he or she will then arrange for a discussion of the proposed
service and fee to be included on the agenda for the next regularly scheduled Audit Committee meeting so that pre-approval can
be considered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Interim
Pre-Approval: If, in the judgment of the Registrant&rsquo;s Chief Financial Officer, a proposed engagement needs to commence before
the next regularly scheduled Audit Committee meeting, he or she shall submit a written summary of the proposed engagement to all
members of the Audit Committee, outlining the services, the estimated maximum cost, the category of the services (e.g., audit,
audit-related, tax or other) and the rationale for engaging the Registrant&rsquo;s independent auditor to perform the services.
To the extent the proposed engagement involves audit, audit-related or tax services, any individual member of the Audit Committee
who is an independent Board member is authorized to pre-approve the engagement. To the extent the proposed engagement involves
non-audit services other than audit-related or tax, the Chairman of the Audit Committee is authorized to pre-approve the engagement.
The Registrant&rsquo;s Chief Financial Officer will arrange for this interim review and coordinate with the appropriate member(s)
of the Committee. The independent auditor may not commence the engagement under consideration until the Registrant&rsquo;s Chief
Financial Officer has informed the auditor in writing that pre-approval has been obtained from the Audit Committee or an individual
member who is an independent Board member. Th member of the Audit Committee who pre-approves any engagements in between regularly
scheduled Audit Committee meetings is to report, for informational purposes only, any pre-approval decisions to the Audit Committee
at its next regularly scheduled meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 74; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(e)(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Not
Applicable</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Not
Applicable</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(g)</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Year ended December 31, 2020 - $10,131</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Year ended December 31, 2019 - $9,933</FONT></P></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">No
such services were rendered during 2020 or 2019.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
5. Audit Committee of Listed Registrants. </B><FONT STYLE="font-weight: normal">The Registrant has a separately designated standing
audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. Patricia W. Chadwick,
Christopher C. Grisanti, Cecile B. Harper, Arthur S. Mehlman, G. Peter O&rsquo;Brien, and Michael K. Shields are members of the
Registrant&rsquo;s audit committee. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
6. Investments.&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)
See Item 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(b)
Not applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. &nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
&amp; Associates, LP (&ldquo;Royce&rdquo;) has adopted written proxy voting policies and procedures (the &ldquo;Proxy Voting Procedures&rdquo;)
for itself and client accounts for which Royce is responsible for voting proxies. Royce is generally granted proxy voting authority
at the inception of its management of each client account. Proxy voting authority is generally either (i) specifically authorized
in the applicable investment management agreement or other instrument; or (ii) where not specifically authorized, is granted to
Royce where general investment discretion is given to Royce in the applicable investment management agreement. In voting proxies,
Royce is guided by general fiduciary principles. Royce&rsquo;s goal is to act prudently, solely in the best interest of the beneficial
owners of the accounts it manages. Royce attempts to consider all factors of its vote that could affect the value of the investment
and will vote proxies in the manner it believes will be consistent with efforts to enhance and/or protect stockholder value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce&rsquo;s
personnel are responsible for monitoring receipt of all proxies and seeking to ensure that proxies are received for all securities
for which Royce has proxy voting authority. Royce is not responsible for voting proxies it does not receive. Royce divides proxies
into &ldquo;regularly recurring&rdquo; and &ldquo;non-regularly recurring&rdquo; matters. Examples of regularly recurring matters
include non-contested elections of directors and non-contested approvals of independent auditors. Royce&rsquo;s personnel are
responsible for developing and maintaining a list of matters Royce treats as &ldquo;regularly recurring&rdquo; and for ensuring
that instructions from a Royce Co-Chief Investment Officer are followed when voting those matters on behalf of Royce clients.
Non-regularly recurring matters are all other proxy matters and are brought to the attention of the relevant portfolio manager(s)
for the applicable account(s). After giving consideration to advisories provided by an independent third-party research firm with
respect to such non-regularly recurring matters, the portfolio manager(s) directs that such matters be voted in a way that he
or she believes should better protect or enhance the value of the investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
Royce portfolio managers may provide instructions that they do not want regularly recurring matters to be voted in accordance
with the standing instructions for their accounts and individual voting instructions on all matters, both regularly recurring
and non-regularly recurring, will be obtained from such portfolio managers. Under certain circumstances, Royce may also vote against
a proposal from the issuer&rsquo;s board of directors or management. Royce&rsquo;s portfolio managers decide these issues on a
case-by-case basis. A portfolio manager of Royce may, on occasion, decide to abstain from voting a proxy or a specific proxy item
when such person concludes that the potential benefit of voting is outweighed by the cost or when it is not in the client&rsquo;s
best interest to vote.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 75; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be circumstances where Royce may not be able to vote proxies in a timely manner, including, but not limited to, (i) when certain
securities are out on loan at the time of a record date; (ii) when administrative or operational constraints impede Royce&rsquo;s
ability to cast a timely vote, such as late receipt of proxy voting information; and/or (iii) when systems, administrative or
processing errors occur (including errors by Royce or third-party vendors).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
further Royce&rsquo;s goal to vote proxies in the best interests of its client, Royce follows specific procedures outlined in
the Proxy Voting Procedures to identify, assess and address material conflicts that may arise between Royce&rsquo;s interests
and those of its clients before voting proxies on behalf of such clients. In the event such a material conflict of interest is
identified, the proxy will be voted by Royce in accordance with the recommendation given by an independent third-party research
firm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may obtain a copy of the Proxy Voting Procedures at www.roycefunds.com or by calling 212-508-4500. Additionally, you can obtain
information on how your securities were voted by calling 212-508-4500.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
8. Portfolio Managers of Closed-End Management Investment Companies. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(a)(1)
Portfolio Managers of Closed-End Management Investment Companies (information as of December 31, 2020)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; padding-top: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Name</U></B></P></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; padding-top: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Title</U></B></P></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; padding-top: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Length of Service</U></B></P></TD>
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; padding-top: 10pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Principal Occupation(s) During
Past 5 Years</U></B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">Charles M. Royce</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Portfolio Manager and Member of the Board of Directors of the Registrant</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">Since 1986</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chairman of the Board of Managers of Royce &amp; Associates, LP (&ldquo;Royce&rdquo;), Member of the boards of directors/trustees of the Registrant, Royce Micro-Cap Trust, Inc. (&quot;RMT&quot;), Royce Global Value Trust, Inc. ,The Royce Fund , and Royce Capital Fund (collectively, &quot;The Royce Funds&quot;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">Chris E. Flynn</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Assistant Portfolio Manager*</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">Since April 1, 2007</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Assistant Portfolio Manager of the Registrant (since April 1, 2007); and Principal, Portfolio Manager and Senior Analyst at Royce (since 1993).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">Lauren A. Romeo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Assistant Portfolio Manager*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">Since May 1, 2009</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Assistant Portfolio of the Registrant (since May 1, 2009); and Portfolio Manager and Analyst at Royce (since 2004).&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">Steven G. McBoyle</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Assistant Portfolio Manager*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Since&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">September
1, 2018</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Assistant Portfolio Manager of the Registrant (since <FONT STYLE="font-weight: normal">September 1, 2018</FONT>); and Portfolio Manager at Royce (since 2007). </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">Andrew S. Palen</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Assistant Portfolio Manager*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Since&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">September
1, 2018</FONT>&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Assistant Portfolio Manager of the Registrant (since <FONT STYLE="font-weight: normal">September 1, 2018</FONT>); Portfolio Manager and Analyst at Royce (since 2015); Senior Analyst at Armistice Capital (2013-2015); Summer Associate at UBS Global Management (2012); and Associate at Comvest Partners (2008-2011).</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-weight: normal">* Assistant Portfolio Managers
may have investment discretion over a portion of the Registrant&rsquo;s portfolio subject to the supervision of Registrant&rsquo;s
Portfolio Manager. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 76; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(2) Other Accounts Managed by Portfolio
Manager and Potential Conflicts of Interest (information as of December 31, 2020)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Other
Accounts&nbsp;</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name
    of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Type
    of Account</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number
    of Accounts Managed</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
        &nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assets
        Managed</B></FONT></p></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number
        of Accounts&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Managed
        for which</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Advisory
        Fee is</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Performance-Based</B>&nbsp;</FONT></P></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Value
        of Managed&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Accounts
        for which</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Advisory
        Fee is</B>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Performance
        Based</B>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Charles M. Royce</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,561,280,532</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,404,522,128</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Private pooled &nbsp;investment vehicles</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">75,889,947</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other accounts*</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,941,563</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chris E. Flynn</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,666,420,096</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,404,522,128</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Private pooled &nbsp;investment vehicles</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">75,624,698</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other accounts*</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lauren A. Romeo</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,540,524,238</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,888,606,196</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Private pooled &nbsp;investment vehicles</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">522,471,883</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other accounts*</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; font-weight: normal">Steven G. McBoyle</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,587,592,738</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,888,606,196</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Private pooled &nbsp;investment vehicles</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">325,041,507</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other accounts*</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Andrew S. Palen</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,804,527,619</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,888,606,196</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Private pooled &nbsp;investment vehicles</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other accounts*</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">--</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">*Other
accounts include all other accounts managed by the Portfolio Manager in either a professional or personal capacity except for
personal accounts subject to pre-approval and reporting requirements under the Registrant&rsquo;s Rule 17j-1 Code of Ethics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 77; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Conflicts
of Interest&nbsp;</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fact that a Portfolio Manager has day-to-day management responsibility for more than one client account may create actual, potential
or only apparent conflicts of interest. For example, the Portfolio Manager may have an opportunity to purchase securities of limited
availability. In this circumstance, the Portfolio Manager is expected to review each account&rsquo;s investment guidelines, restrictions,
tax considerations, cash balances, liquidity needs and other factors to determine the suitability of the investment for each account
and to ensure that his or her managed accounts are treated equitably. The Portfolio Manager may also decide to purchase or sell
the same security for multiple managed accounts at approximately the same time. To address any conflicts that this situation may
create, the Portfolio Manager will generally combine managed account orders (i.e., enter a &ldquo;bunched&rdquo; order) in an
effort to obtain best execution or a more favorable commission rate. In addition, if orders to buy or sell a security for multiple
accounts managed by common Portfolio Managers on the same day are executed at different prices or commission rates, the transactions
will generally be allocated by Royce to each of such managed accounts at the weighted average execution price and commission.
In circumstances where a pre-allocated bunched order is not completely filled, each account will normally receive a pro-rated
portion of the securities based upon the account&rsquo;s level of participation in the order. Royce may under certain circumstances
allocate securities in a manner other than pro-rata if it determines that the allocation is fair and equitable under the circumstances
and does not discriminate against any account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described below, there is a revenue-based component of each Portfolio Manager&rsquo;s Performance-Related Variable Compensation
and the Portfolio Managers also receive Firm-Related Variable Compensation based on revenues (adjusted for certain imputed expenses)
generated by Royce. In addition, Charles M. Royce receives variable compensation based on Royce&rsquo;s retained pre-tax profits
from operations. As a result, the Portfolio Managers may receive a greater relative benefit from activities that increase the
value to Royce of The Royce Funds and/or other Royce client accounts, including, but not limited to, increases in sales of Registrant&rsquo;s
shares and assets under management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B>Also,
as described above, the Portfolio Managers generally manage more than one client account, including, among others, registered
investment company accounts, separate accounts and private pooled accounts managed on behalf of institutions (e.g., pension funds,
endowments and foundations) and for high-net-worth individuals. The appearance of a conflict of interest may arise where Royce
has an incentive, such as a performance-based management fee (or any other variation in the level of fees payable by the Registrant
or other Royce client accounts to Royce), which relates to the management of one or more of The Royce Funds or accounts with respect
to which the same Portfolio Manager has day-to-day management responsibilities. Except as described below, no Royce Portfolio
Manager's compensation is tied to performance fees earned by Royce for the management of any one client account. Although variable
and other compensation derived from Royce revenues or profits is impacted to some extent, the impact is relatively minor given
the small percentage of Royce firm assets under management for which Royce receives performance-measured revenue. Notwithstanding
the above, the Performance-Related Variable Compensation paid to Charles M. Royce as Portfolio Manager of two registered investment
company accounts (the Registrant and RMT) is based, in part, on performance-based fee revenues. The Registrant and RMT pay Royce
a fulcrum fee that is adjusted up or down depending on the performance of the Fund relative to its benchmark index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
conflicts of interest may arise when a Portfolio Manager personally buys, holds or sells securities held or to be purchased or
sold for the Registrant or other Royce client account or personally buys, holds or sells the shares of one or more of The Royce
Funds. To address this, Royce has adopted a written Code of Ethics designed to prevent and detect personal trading activities
that may interfere or conflict with client interests (including Registrant&rsquo;s stockholders&rsquo; interests). Royce generally
does not permit its Portfolio Managers to purchase small- or micro-cap securities for their personal investment portfolios.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
and The Royce Funds have adopted certain compliance procedures which are designed to address the above-described types of conflicts.
However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 78; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(3) Description of Portfolio Manager
Compensation Structure (information as of December 31, 2020)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5.85pt; text-align: justify; text-indent: 26.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
seeks to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals.
All Portfolio Managers receive from Royce a base salary, Portfolio-Related Variable Compensation (generally the largest element
of each Portfolio Manager&rsquo;s compensation with the exception of Charles M. Royce), Firm-Related Variable Compensation based
primarily on registered investment company and other client account revenues generated by Royce and a benefits package. Portfolio
Manager compensation is reviewed and may be modified from time to time as appropriate to reflect changes in the market, as well
as to adjust the factors used to determine variable compensation. Except as described below, each Portfolio Manager&rsquo;s compensation
consists of the following elements:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5.85pt; text-align: justify; text-indent: 26.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 6.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BASE
                                         SALARY. Each Portfolio Manager is paid a base salary. In setting the base salary, Royce
                                         seeks to be competitive in light of the particular Portfolio Manager&rsquo;s experience
                                         and responsibilities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 6.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO-RELATED
                                         VARIABLE COMPENSATION. Each Portfolio Manager receives quarterly Portfolio-Related Variable
                                         Compensation that is either asset-based, or revenue-based and therefore in part based
                                         on the value of the net assets of the account for which he or she is being compensated,
                                         determined with reference to each of the registered investment company and other client
                                         accounts they are managing. The revenue used to determine the quarterly Portfolio-Related
                                         Variable Compensation received by Charles M. Royce that relates to each of RMT and RVT
                                         is performance-based fee revenue.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5.85pt; text-align: justify; text-indent: 26.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
of the Portfolio-Related Variable Compensation may be deferred, and any amounts deferred are forfeitable, if the Portfolio Manager
is terminated by Royce with or without cause or resigns. The amount of the deferred Portfolio-Related Variable Compensation will
appreciate or depreciate during the deferral period, based on the total return performance of one or more Royce-managed registered
investment company accounts selected by the Portfolio Manager at the beginning of the deferral period. The amount deferred will
depend on the Portfolio Manager&rsquo;s total direct, indirect beneficial and deferred unvested investments in the Royce registered
investment company accounts for which he or she is receiving portfolio management compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 5.85pt; text-align: justify; text-indent: 26.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 6.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRM-RELATED
                                         VARIABLE COMPENSATION. Portfolio Managers receive quarterly variable compensation based
                                         on Royce&rsquo;s net revenues.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 6.1pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 28pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BENEFIT
                                         PACKAGE. Portfolio Managers also receive benefits standard for all Royce employees, including
                                         health care and other insurance benefits, and participation in Royce&rsquo;s 401(k) Plan
                                         and Money Purchase Pension Plan. From time to time, on a purely discretionary basis,
                                         Portfolio Managers may also receive options to acquire stock in Royce&rsquo;s parent
                                         company, Legg Mason, Inc. Those options typically represent a relatively small portion
                                         of a Portfolio Manager&rsquo;s overall compensation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(4) Dollar Range of Equity Securities
in Registrant Beneficially Owned by Portfolio Manager (information as of December 31, 2019)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the dollar range of the Registrant&rsquo;s shares owned beneficially and of record by the Portfolio Managers,
including investments by his immediate family members sharing the same household and amounts invested through retirement and deferred
compensation plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: left"><B><U>Portfolio Manager</U></B></TD>
    <TD STYLE="width: 58%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B><U>Dollar Range of Registrant&rsquo;s Shares Beneficially Owned</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: left"><FONT STYLE="font-weight: normal">Charles M. Royce</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">Over $1,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: left"><FONT STYLE="font-weight: normal">Chris E. Flynn</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">$100,001-$500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: left"><FONT STYLE="font-weight: normal">Lauren A. Romeo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">$100,001-$500,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Steven G. McBoyle</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-weight: normal">Andrew S. Palen</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(b)
Not Applicable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 79; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. </B><FONT STYLE="font-weight: normal">Not
Applicable</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
10. Submission of Matters to a Vote of Security Holders. </B><FONT STYLE="font-weight: normal">Not Applicable. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
11. Controls and Procedures. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)
Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant&rsquo;s Disclosure
Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within
90 days of the filing date of this report. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(b)
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internal Control over Financial Reporting. There
were no significant changes in Registrant&rsquo;s internal control over financial reporting or in other factors that could significantly
affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies
and material weaknesses during the second fiscal quarter of the period covered by this report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
12. Exhibits.</B> <FONT STYLE="font-weight: normal">Attached hereto. &nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)(1)
The Registrant&rsquo;s code of ethics pursuant to Item 2 of Form N-CSR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)(2)
Separate certifications by the Registrant&rsquo;s Principal Executive Officer and Principal Financial Officer as required by Rule
30a-2(a) under the Investment Company Act of 1940. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(a)(3)
Not Applicable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">(b)
Separate certifications by the Registrant&rsquo;s Principal Executive Officer and Principal Financial Officer, pursuant to Section
906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYCE VALUE TRUST, INC. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY:</FONT></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christopher D. Clark&nbsp;</FONT></TD>
    <TD STYLE="width: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christopher D. Clark</B>&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>President</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
March 1, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYCE VALUE TRUST, INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYCE VALUE TRUST, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christopher D. Clark</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BY:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Peter K. Hoglund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christopher D. Clark</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Peter K. Hoglund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>President</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Treasurer</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 1, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: March 1, 2021</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 80; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>

    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>e74814_rvt-ex12a1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
12(a)(1):</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    2003, as revised December 16, 2019</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE
OF ETHICS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
COVERED OFFICERS OF THE ROYCE FUNDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Boards of Directors/Trustees of The Royce Fund, Royce Capital Fund, Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc., and
Royce Global Value Trust, Inc. (each, a &ldquo;Fund&rdquo; and collectively, &ldquo;The Royce Funds&rdquo;) have adopted the following
Code of Ethics (the &ldquo;Code&rdquo;) applicable to its President, Chief Financial Officer and Manager of Fund Accounting (&ldquo;Covered
Officers&rdquo;) of The Royce Funds to ensure the continuing integrity of financial reporting and transactions. The names of the
Covered Officers covered by the Code are listed on Schedule A hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Separate
                                         Code</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Code is the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002. The Funds&rsquo;
and Royce Investment Partners (&ldquo;Royce&rdquo;), the investment adviser to The Royce Funds, code of ethics under Rule 17j-1
under the Investment Company Act of 1940 (the &ldquo;Investment Company Act&rdquo;) are separate requirements applying to the
Covered Officers and others, and are not part of this Code. In addition to this Code, the Investment Company Act, and the Investment
Advisers Act of 1940 (the &ldquo;Advisers Act&rdquo;) and rules promulgated thereunder contain numerous specific provisions designed
to protect the Funds from conflicts of interest and overreaching. Any conduct by Covered Officers required by specific Investment
Company Act or Advisers Act provisions or the rules thereunder is presumed to be in compliance with this Code. Each Covered Officer
is accountable for his or her adherence to this Code. Any violation of this Code by a Covered Officer may result in disciplinary
action, including immediate dismissal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Requirements</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Covered Officers must:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engage
                                         in and promote honest and ethical conduct, including the ethical handling of actual or
                                         apparent conflicts of interest between personal and professional relationships;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 0pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Act
                                         responsibly in producing and produce, full, fair, accurate, timely and understandable
                                         disclosure in reports and documents that the Funds file with, or submit to, the Securities
                                         and Exchange Commission (the &ldquo;SEC&rdquo;) and in other public communications made
                                         by each of the Funds;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comply
                                         with applicable governmental laws, rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promptly
                                         report suspected material violations of this Code, including violations of securities
                                         laws or other laws, rules and regulations applicable to a Fund, to Royce&rsquo;s General
                                         Counsel and the Fund&rsquo;s Audit Committee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Covered Officer must act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law, and place the interests of The Royce Funds before the Covered Officer&rsquo;s own personal interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Covered Officer is required to familiarize himself or herself with the disclosure requirements applicable to each of the Funds
and must not knowingly misrepresent or fail to disclose, or cause others to misrepresent or fail to disclose, material facts about
a Fund to others, including but not limited to officers of and counsel to The Royce Funds, and their respective independent directors,
independent auditors and governmental regulators.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Avoidance
                                         of Conflicts</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
overarching principle of this Code is that the personal interests of a Covered Officer should not be placed improperly before
the interests of The Royce Funds. As a result, each Covered Officer must: (i) handle any actual or apparent conflict of interest
in an ethical manner, (ii) not use his or her personal influence or personal relationships to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of
the Fund; (iii) not cause a Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather
than the benefit of such Fund; and (iv) not use for his or her personal benefit (directly or indirectly) any material non-public
knowledge pertaining to a Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual
relationship between The Royce Funds and Royce, of which the Covered Officers are also officers and/or employees. As a result,
this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for
Royce, or for both), be involved in establishing policies and implementing decisions that will have different effects on Royce
and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between
each of The Royce Funds and Royce and is consistent with the performance by the Covered Officers of their duties as officers and/or
employees of The Royce Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Advisers
Act, such activities will be deemed to have been handled ethically.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 0pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following conflict of interest situations must be disclosed by a Covered Officer to, and pre-approved in writing by, the General
Counsel if material. Examples of these include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">service
                                         as a director on the board of any public company;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         ownership interest in, or any consulting or employment relationship with, any of The
                                         Royce Funds&rsquo; service providers, other than its investment adviser, principal underwriter,
                                         administrator or any affiliated person thereof; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         direct or indirect financial interest in commissions, transaction charges or spreads
                                         paid by any Fund for effecting portfolio transactions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Materiality</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event a Covered Officer has any doubt as to (i) whether a suspected violation of this Code would be considered material, (ii)
whether information relating to a Fund is of a material nature and therefore subject to public disclosure, (iii) whether non-public
knowledge pertaining to a Fund is material in nature, or (iv) whether a particular conflict of interest is material, he or she
should seek the advice of Royce&rsquo;s General Counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compliance
                                         and Annual Acknowledgment</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Covered Officer is required: (i) upon receipt of the Code, to sign and submit to Royce&rsquo;s General Counsel an acknowledgment
stating that he or she has received, read and understands the Code; (ii) annually thereafter to submit a statement to Royce&rsquo;s
General Counsel confirming that he or she has received, read and understands the Code and has complied with the requirements of
the Code; (iii) not to retaliate against any employee subordinate to the Covered Officer for reports of potential violations that
are made in good faith; and (iv) to notify Royce&rsquo;s General Counsel, as appropriate, if the Covered Officer observes any
irregularities or violations of this Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VI.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Enforcement
                                         of the Code</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Royce Funds will adhere to the following procedures when investigating and enforcing this Code: (i) Royce&rsquo;s General Counsel
will take all appropriate action to investigate any potential violations reported to him or her; (ii) if Royce&rsquo;s General
Counsel determines that a violation has occurred, he or she will take all appropriate disciplinary or preventive action and inform
the Fund&rsquo;s Board of Directors/Trustees of his or her decision; (iii) all changes to or waivers of this Code will, to the
extent required, be disclosed on Form N-CSR or otherwise as required by SEC rules; and (iv) any waiver sought by the President
of The Royce Funds will be considered by The Royce Funds&rsquo; Audit Committees prior to approval of the waiver.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 0pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VII.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                         <U>Amendments </U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
with respect to Schedule A hereto, which may be updated at any time, this Code may be amended only by the Board of Directors/Trustees
of each Fund at a meeting of such Board duly called for that purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIII.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Confidentiality</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate
Board and its counsel and Royce and its affiliated persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IX.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Internal
                                         Use</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Code is intended solely for internal use by The Royce Funds and does not constitute the admission, by or on behalf of any Fund,
as to any fact, circumstances or legal conclusion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
17, 2003, as revised</FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
16, 2019</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 0pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>SCHEDULE
A</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
D. Clark</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
Hoglund</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mary
Macchia</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>





</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>e74814_rvt-ex12a2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
12(a)(2):</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Gray 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>CERTIFICATIONS
</U></B><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Christopher D. Clark, certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">I have reviewed this report on Form N-CSR of Royce Value Trust, Inc.;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)
evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)
disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
The registrant&rsquo;s other certifying officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee
of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s ability to record, process, summarize, and report financial information;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
March 1, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                         Christopher D. Clark</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Christopher
        D. Clark</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 0pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 12(a)(2):</FONT></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Gray 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>CERTIFICATIONS
</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Peter K. Hoglund, certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">I have reviewed this report on Form N-CSR of Royce Value Trust, Inc.;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)
evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)
disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
The registrant&rsquo;s other certifying officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee
of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;s ability to record, process, summarize, and report financial information;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
March 1, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                         Peter K. Hoglund</FONT>&nbsp;</P></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Peter
        K. Hoglund</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Treasurer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>e74814_rvt-ex12b.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
12(b):</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Gray 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, &nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AS
ADOPTED PURSUANT TO </B>&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name of Issuer: ROYCE VALUE TRUST, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned
hereby certifies, to his knowledge, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
The information contained in the Report fairly presents, in all materials respects, the financial condition and results of operations
of the issuer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 55%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
March 1, 2021</FONT>&nbsp;</TD>
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">/s/
        Christopher D. Clark</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Christopher
        D. Clark</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President</TD>
    <TD></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 0pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Red"><B></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 12(b):</FONT></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Gray 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, &nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AS
ADOPTED PURSUANT TO </B>&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name of Issuer: ROYCE VALUE TRUST, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned
hereby certifies, to his knowledge, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
The information contained in the Report fairly presents, in all materials respects, the financial condition and results of operations
of the issuer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 55%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
March 1, 2021</FONT>&nbsp;</TD>
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">/s/
        Peter K. Hoglund</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Peter
        K. Hoglund</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Treasurer</TD>
    <TD></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>img001_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img001_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@#4@*1 P$1  (1 0,1 ?_$ +4  0 " P$! 0
M       $!0(&!P@# 0$!  ,! 0                $" P0%$ $  0,! @8.
M! T$ 0(& P   0(#! 41!A*24Y-5!R$Q@9&QT7+2$S,4E!4807-4-5%A<<'A
M(C)2LK-$%PA"(W0W8H(D\*)C9(06M'4X$0$!  (! 04&!@$# P4      1$"
M Q(A,5$R!$%Q@1,4%6&1H2(S!;'P0E+1\33A<H*R(__:  P# 0 "$0,1 #\
MX/?OW_3W/]RK]NKZ9_"+/G[1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1
M?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2
M![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2
MKC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1
M?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2
M![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2
MKC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1
M?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2
M![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2
MKC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1
M?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2
M![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2KC2![1?Y2
MKC2![1?Y2KC2![1?Y2KC2!Z>_P I5WY!>^GO<I5WY!19'K[GE5>$'S
M
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MPR?+#U/]&9'O>1YX9/EAZG^C,CWO(\\,I'RX]5/1U_WJ_P"<&73A
M
M
M
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M
M             'Y71%=%5%6W@U1,3LF8G9/XX19DB%HNB:7HNGV]/TRQ&/B6
MYJJBB)JJF:JZIJJJJJJFJJJJJJ=LS,[5K3"<@
M
M
M
M
M
M                             -L ;8 VP!M@#; &V -L ;8 VP!M@#;
M&V -L ;8 VP!M@#; &V -L ;8 VP!M@#; &V -L ;8 VP!M@#; &V -L ;8
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M13>IIC@TTWJXBF.U':!*                       !'I^\+GU5'\50)
M                                                      (V%_4?
M75_F!)                       !'I^\+GU5'\50)
M                                        (V%_4?75_F!)
M               !'I^\+GU5'\50)
M                          (V%_4?75_F!)
M !'I^\+GU5'\50)
M            (V%_4?75_F!)                       !'I^\+GU5'\50
M)                                                         (V
M%_4?75_F!)                       !'I^\+GU5'\50)
M                                            (V%_4?75_F!)
M                   !'I^\+GU5'\50)
M                              (V%_4?75_F!)
M     !'I^\+GU5'\50)
M                (V%_4?75_F!)                       !'I^\+GU5
M'\50)    &U%N 2
M      (V%_4?75_F!)                       !'I^\+GU5'\50)    $
M_1^57;V L
M(V%_4?75_F!)                       !'I^\+GU5'\50)    "+ 2
M                                                (V%_4?75_F!)
M                       !'I^\+GU5'\50)
M                                  (V%_4?75_F!)
M         !'I^\+GU5'\50)    !D
M                     1L+^H^NK_,"2                       "/3]
MX7/JJ/XJ@2    #
M        C87]1]=7^8$D                       $>G[PN?54?Q5 D
M                                                      C87]1]
M=7^8$D                       $>G[PN?54?Q5 D
M                                        C87]1]=7^8$D
M               $>G[PN?54?Q5 D
M                          C87]1]=7^8$D
M $>G[PN?54?Q5 D    _*JJ:8VU3$1^.=@,?36?WZ>_ C)Z:S^_3WX#)Z:S^
M_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^
M_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^
M_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#)Z:S^_3WX#+*FJF
MJ-M,Q,?ACLB7Z                              "-A?U'UU?Y@20
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MIFDXOLFFXU&+C<*:_16XV4\*KMSW46Y::Z368B6A8
M          !&POZCZZO\P)(                       (]/WA<^JH_BJ!(
M                                                        !&PO
MZCZZO\P)(                       (]/WA<^JH_BJ!(
M                                          !&POZCZZO\P)(
M                  (]/WA<^JH_BJ!(
M                            !&POZCZZO\P)(                 .3
MU?Y":135-/P?*[$[/66OH[K;Y->?]PU\*_/F%TCH;*YRUXSY-/N&OA3YA=(Z
M&RN<M>,^33[AKX4^872.ALKG+7C/DT^X:^%/F%TCH;*YRUXSY-/N&OA3YA=(
MZ&RN<M>,^33[AKX5MFX6^^+O?[;FX^+<Q*<:;=BJB[535,S/"KVQP?RJ;ZX=
M/!SSDF9&VJ-P
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M^]UMB[P
M  'FGK@_["U+R;/\N'3Q^5XOK?Y+\&F-'*                M$+JZ[ZVOR
MI\*5*P    !V[_'K[KUG_D6OY<L.;O>K_7^6^]UMB[P
M                                      'FGK@_["U+R;/\N'3Q^5XO
MK?Y+\&F-'*                M$+JZ[ZVORI\*5*P    !V[_'K[KUG_D6O
MY<L.;O>K_7^6^]UMB[P
M              'FGK@_["U+R;/\N'3Q^5XOK?Y+\&F-'*
M  M$+JZ[ZVORI\*5*P    !V[_'K[KUG_D6OY<L.;O>K_7^6^]UMB[P
M                                                  'FGK@_["U+
MR;/\N'3Q^5XOK?Y+\&F-'*                M$+JZ[ZVORI\*5*P    !V
M[_'K[KUG_D6OY<L.;O>K_7^6^]UMB[P
M                          'FGK@_["U+R;/\N'3Q^5XOK?Y+\&F-'*
M              M$+JZ[ZVORI\*5*P    !V[_'K[KUG_D6OY<L.;O>K_7^6
M^]UMB[P
M  'FGK@_["U+R;/\N'3Q^5XOK?Y+\&F-'*                M$+JZ[ZVOR
MI\*5*P    !V[_'K[KUG_D6OY<L.;O>K_7^6^]UMB[P
M                                      'FGK@_["U+R;/\N'3Q^5XO
MK?Y+\&F-'*                M$+JZ[ZVORI\*5*P    !V[_'K[KUG_D6O
MY<L.;O>K_7^6^]UMB[P
M              'FGK@_["U+R;/\N'3Q^5XOK?Y+\&F-'*
M  M$+JZ[ZVORI\*5*P    !V[_'K[KUG_D6OY<L.;O>K_7^6^]UMB[P
M                                                  'FGK@_["U+
MR;/\N'3Q^5XOK?Y+\&F-'*                M$+JZ[ZVORI\*5*P    !V
M[_'K[KUG_D6OY<L.;O>K_7^6^]UMB[P
M                          'FGK@_["U+R;/\N'3Q^5XOK?Y+\&F-'*
M              M$+JZ[ZVORI\*5*P    !V[_'K[KUG_D6OY<L.;O>K_7^6
M^]UMB[P
M  'FGK@_["U+R;/\N'3Q^5XOK?Y+\&F-'*                M$+JZ[ZVOR
MI\*5*P    !V[_'K[KUG_D6OY<L.;O>K_7^6^]UMB[P
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MGG*?&&7G#K=N6[F_^HUVZHKHJIL[*J9B8G_;CZ8=/'W/&];_ "5IS1R@
M           +1"ZNN^MK\J?"E2L     .Z!W9[\@=V>_('=GOR!W9[\@=V>_
M('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_('=GOR!W9[\@
M=V>_('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_('=GOR!W
M9[\@=V>_('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_('=G
MOR!W9[\@=V>_('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_
M('=GOR!W9[\@=V>_('=GOR!W9[\@=V>_('=GOR                  "T0N
MKKOK:_*GPI4K
M                                 %HA=77?6U^5/A2I6
M
M          +1"ZNN^MK\J?"E2L
M                                               6B%U==];7Y4^%
M*E8
M                        M$+JZ[ZVORI\*5*P
M
M!:(75UWUM?E3X4J5@
M                                     "T0NKKOK:_*GPI4K
M
M              %HA=77?6U^5/A2I6
M                                                   +1"ZNN^MK
M\J?"E2L
M                            6B%U==];7Y4^%*E8
M
M     M$+JZ[ZVORI\*5*P
M                                         !:(75UWUM?E3X4J5@
M
M                  "T0NKKOK:_*GPI4K
M                                                       %HA=7
M7?6U^5/A2I6
M                                +1"ZNN^MK\J?"E2L
M
M         6B%U==];7Y4^%*E8
M                                              M$+JZ[ZVORI\*5
M*P
M                      !:(75UWUM?E3X4J5@
M                                                           "
MT0NKKOK:_*GPI4K
M                                    %HA=77?6U^5/A2I6
M
M             +1"ZNN^MK\J?"E2L
M                                                  6B%U==];7Y
M4^%*E8
M                           M$+JZ[ZVORI\*5*P
M
M   !:(75UWUM?E3X4J5@
M                                        "T0NKKOK:_*GPI4K
M
M                 %HA=77?6U^5/A2I6
M                                                      +1"ZNN
M^MK\J?"E2L
M                               6B%U==];7Y4^%*E8
M
M        M$+JZ[ZVORI\*5*P
M                                            !:(75UWUM?E3X4J5
M@
M                     "T0NKKOK:_*GPI4K
M                                                          %H
MA=77?6U^5/A2I6
M                                   +1"ZNN^MK\J?"E2L
M
M            6B%U==];7Y4^%*E8
M                                                 M$+JZ[ZVORI
M\*5*P
M                         !:(75UWUM?E3X4J5@
M
M  "T0NKKOK:_*GPI4K
M                                       %HA=77?6U^5/A2I6
M
M                +1"ZNN^MK\J?"E2L
M                                                     6B%U==]
M;7Y4^%*E8
M                              M$+JZ[ZVORI\*5*P
M
M      !:(75UWUM?E3X4J5@
M                                           "T0NKKOK:_*GPI4K
M
M                    %HA=77?6U^5/A2I6
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M8N98UY9B
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M>Q%%BSV:ZMO_ )1VORM+MV9<G'P6[]-]G>;TZU?WMWJHIQ*>!BS7;P=)Q_\
M3;LQ5%%'8_'^U)K,0Y=_F;]GNC?^M2]:W3W.TO=+29]%1E15.7<I[%5=%O9P
MYG9RE<]GO,^/MN:Z_57Y>DTCC;=YI/\ \2"RU[7<S6\VWFYD4^T4V+5BNNG;
MMKBS3P8KJV_ZICMJR87Y.2[W-=3S?_\ /6+Y%'_\J64\[OO_ (W^O%R'!PLG
M/S+.%B4>ER<BJ*+-N)B)JJGZ.RVMP\[76VXCZ9F=G7K&-@Y-6VWIT5V<>C9$
M31%5<U5T[8[?Z^TD3MM>Z^Q$2J
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MWN;B]3)M,ZZQH>773<R[]RB=M%=VNJF?PQ55,PTCDVO:^24
M                                           +1"ZNN^MK\J?"E2L
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M2FEMSET^HX]=9K=?;&GKN8     !:(75UWUM?E3X4J5@     #T-N1_TS_\
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M3E__ #Z;>JN?M7&     M$+JZ[ZVORI\*5*P
M                                     !E15%-=-4TQ5%-43-$]J8B=
MNR?R@V/>G>_%U?&HQ-.TFQH^'-=-_*M6)V^FO4T\"FJKL1LBF-NR%-=<-^7F
MFTQ)B-:78                +1"ZNN^MK\J?"E2L
M
M  6B%U==];7Y4^%*E8
M                                       M$+JZ[ZVORI\*5*P
M
M               !:(75UWUM?E3X4J5@
M                                                    "T0NKKOK
M:_*GPI4K
M                             %HA='N>LK]3^U/;_*(8\P!S ', <P!S
M ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S ',
M<P!S ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S
M ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S ', <P!S ',
<<P!S ', <P!S ', <P!S $]J?4]P%GS*%W__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>img002_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img002_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ 90#Z P$1  (1 0,1 ?_$ ($  0 # 0 # 0
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A;/(S^HYU2?%T34>HM^BCRE]+5^!;:N?JHC2*!0*!0?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>img003_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img003_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@!2 (F P$1  (1 0,1 ?_$ +0   (" P$!
M      4&  0" P<!" $  @,! 0$               (! P0%!@<0  (! P,"
M! 0$! 0#!00&"P$" Q$$!0 A$C$&05$B$V$R% =Q@4(CD:%2%;%B,R3!<A;1
M@I*B0^&R8W/PPM)39"47\8.3HS1$A#4(-A$  @(!! $#! $# P,% 0    $1
M @,A,1($05$B$V%Q,@44@2,SD4(&\*%2L<'1X6)R_]H # ,!  (1 Q$ /P#Z
MIT 30!- $T 30!- $T *WW![^Q_9>)AR-[').LLRQ"&!><G#K(X7Q$:^HZ"
M]BLK8Y7'V^0L91-:74:S02KT9'%0=!),G??0V%S>NI=+:)YF1?F(0%B!_#0
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M<WCOM#;=G0WBWF3MI8)H[EOVT!CO4N2J]:!%4JNVFC0EA/N_M+NFX[PPO=6
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MM.Y&ACAR5OV9%:E%M<Z]O)<)<!A[:VS1%I3&J[-[I_ Z$@.HCIJ0)H F@":
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M>2BFJ'8L2/<)'6\R<C-R:2YJ*#P*@Z=K9D(KY*X6S^INY)(XU]](3[AH&/M
MTIXG?71ZOXF'MI^!/;O_ +?7L^Z[=L\=]5>>X]O<W$1$<8?D*48;M4"I^&KV
MD5+)I!L[.S4?8KF>WPXO\;<6\4=PRL#<*\9-" >J\32FH=433) U39>'O/MR
M]RN)MF7GEHH3;W4:LRGVH5=2IJ!OY:D9ZJ3;V]VFG;MG%W%!$L.>O)Y;=HD8
MI;B*I%"@^;BL1(^)TE[<5(^-2';=Y'EJ6HQWV/GKF3J:P#-B\'-ALP;E6'')
MLD4T49D996B5GY$"O$\M="OXF=UE@CL+ Q+?SW%T2(+-C#80E2*C8F1J^?AJ
MG)D\&GK]?7D892&PN^]K*1^$LUMD:LU-T/T_I!^'(_QT+\"7_E&[O7MW"YOM
MUA<7"6-_:JRQWDB\D]N;TLCCQ!_D=]6X;*(*^SC<\O FVV"@BM8["Z=[J2P'
MTZ3,Q+$)M6OD=<VU[2]3HTQUA%OLO!V60^X3VF3B0);V:S8>&0#DP/+W)5/4
ME7 UTNM+IJ<SLI+(X.JSV,\*%":-^EOAJ]F=@D6DRRHU>0/A\-+ H4B@Y4Y(
M2@\M$#(W1VIC>E/01L/AJ8)DMK$G$+T(Z'402:9;8A:EB:G?XZ((,HDC)H5+
MFG\M!"1L#!=DV/EX_EIB696LCF44( .Q6F^IJ0*'W!S$[9"WQ\2,8;4?47C,
MH,/']/N$^5#33,IRV>R,.S$[ARV6ENI[B,8&!:16Z  RR&A!J/TKOJ P*V[8
M&^['<G;ER+"VDE]^6"27]N!MT:G%2=QNKH"-4YLG&#9CQ\SG=QWS-=987<N/
M2YCFC9+Z"5@@:3>C)2NW)JZH?92;8_\ &;T"V![H3%X+*0W%Q*^1R2PPE.+&
M,)&O'YO,IL=1BS:-^!LN.&EY#7=UWBK.UP=W-$Z) H@F;B6/-O4LC%=AORK7
MST^/.K_T*<E'5 :?*Q33%5EDBCWVI3?PKIS*VPU!=6L-DU]+)),L*[* /6?!
M:>9.F+*C[V[92)9I<7%4GN LTD1/R\E%%_[O326->/1%G+92TQT/.X<+SZ+U
M.E'D4>[^Z[B+'W%K;<;=FA8>_*W$U(VXKN3IJHKO8Y=C[]KC&86]@N#C[<%Q
MS< ES[7$E:^+/6FKCG.9&/[>V=EE+G&1W$T]TMC=&[2"8$0^X"XJ?P!KH1;C
M+W=]U);+C8;:.VL[8K]1)<-O225FD(4=2/+4,:_H7OMY'#_TQ?$RRR-*DCAG
MY [W"J>*FE*ZA[#XCJLR'W64[+_[=5,T)GE ""?#QU!)M<KP'0'I^9U+%11R
M<):W!!_<1@5\JT-=+;8>CU%RX+_VZU]M5+"N[; ==97J:TX%;(96XM+R$!GN
M874B6"V7?DS 5K\!IZ415?(UL-,]M%==O016RR0QW"3LO,D2!A[8_P".K,U7
M\-N.\,H=INI%2'&V]I=LBQ#DK,C22G?U(*$D]>FO$O+9J'N=&%N$,/:&]5EC
M-:/01QKR-0 /#;6WJ_J<F;W?BBO)V:U^IT''VU[!:+#9VJ6W2IE-3\20->PZ
M_7KBKQJCF7N[.6:L8>ZH\V\65OK)[-@S6MK C),P%*LW(G9>7AK3J(,6I F@
M": )H F@": %CO,#_;,?E >O\5US^]X+\)0[:MK>XR2UJ?:7W:4VJ*4KJGIT
MF\C97H(?WK;Z+NG'.B@-DD$$A'7B#^H?%N(KK3GKJ1BMH@)):6<';B&U1$7'
M7;!5&S&&Z7DNQ\5E5J_CK+VJS16)JXM  SF2G_L=V\;&*X52RR+LPKML?SUE
MP?FA[['4<QCH,/)V]DXIGLS+8BWFO5Y%4]NV!3FHZCEKOR<ZU-=#FWW1R?\
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MFBW=%I(0.I ZG\=9>QC<RC5U\BB&*=WE,Z+E+2&U1/<+ 2NU1Z*'H//68O\
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MA;Q=[=6F#3%7UQ<W,Z745Q<7N025IB8?D04% H&JKV=E#&K5+4)6/<_;UO<
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ME-)()U<RF */28T+'U==69J)UU'Z&*][^W^H&M?N#*+OCF9/I)[:6DK6R^]
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MWC<%)+'&SOR XB4>VH'4$[U(TRPV?@5]BJ\@C*8/-)>(E_EK>QD=.;Q*\7(
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MO=D>;N),AF)+BRNK6XD!6XN(Y".:QBM /;8@^1UN54BA6Y*1J^X]OR^AO8I
MKH7A+"A]+48_^Z=<_OI1)IPS,'(KV\,/>H-6X2Q!*@]0Q&J^K>4D4]I:R%L5
M$(;&=*ET]Z9E%=Z<CK%W*QD:-/6<T3,_=27(X^I-%65H^7Z=U'_UCKI_K_\
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M&213N%V^5/\ *NGOD<0-9F-C-):RQF-4**OK7IL-A36>2I,=LMV]A,EVO9Y
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M24["MW1+?R9".UEE$D4S\U3E4<H07]/_ .\UYS]^M*P>K_XP_=>6;LC]5#:
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MHL4#,O'RZ]-;>M!B[$RBI<7TDM[>2\O69Y&-?/D1765VELZ*K"1<M+B0B@8
M'??STZ8ED$;.Q-W<1VU>"SGBS#>E?'354N"NUH4CCGD6Q[7O8X20D%LRH1U
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M6/+D?#7.;AG1HM- ];7-UQ+RN"20Q! H*^ U$C\0U%<VJVKW<Q1(47D[%J!
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M[:X<%0PH:\P:57QWZ:5J1ZI-0<>L.\LI]L^Y;8863ECYKB7ZK$R<FYHQK(Y
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MTN;1=EAEDC Y 4Y(YW&A2,="#Y 6A'MI]<4_TJ^CW*5I7RKJC68+@KK45$T
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M9I!52(6+[D[<[5GNEGM;OZ>ZF:990I,:@TH -54LD,T=$QN6Q]]!'=6K$12
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M5 /2 @J7'D=0Z&2MRO%D^\.V+=+;%R+;R%N9>.K5#>)'GI)@NJVM2_BON_\
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M%Q4L8CFMHVC%*)P6FWY:B DT1V>*LS6SL(H^/1E55Z]=$(5V,;U)+Y/99S%
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MIK*?<>C$>:@TT;C4JJZ(;<?CH+.-8[>-8HUZ*HIJ4/J7M2230!- $T 30!-
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M/)&-Y13C+&?G^)6B\=2DR900*L#TVT 8FAZ;'SZZB23QE##P^.B2#25)-%H
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M?$5I_ '5DE/!F2X,(QV-!Y5__7J XZEZVQB*H! )\!I8+$BV(_:)XBFW4?\
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M# 6/%CR%5'31!$%F*V(^4&NB!DC>(R!0C\] T&Y832E#MJ!TC/V=NFH""O\
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H- $T 30!- $T 30!- $T 30!- $T 30!- $T 30!- $T 30!- '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>img004_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img004_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ Y@*\ P$1  (1 0,1 ?_$ +   0 !!0$!
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M3:VLT_V$3.&#H!0N@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(" @((Y[^OP/'Z]!^8U):S4N?\ K]W/BLN0(""]PG\]Q?KM7SX+$Y-J/E'K
M#KQ4WHA 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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M2UFI<_\ 7[N?%9<@0$%[A/Y[B_7:OGP6)R;4?*/6'7BIO1" @(" @(" @("
M@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(" @(" @(" @(" @(" @(" @(" @(" @("".>_K\#Q^O0?F-26LU+G_ *_=
MSXK+D" @O<)_/<7Z[5\^"Q.3:CY1ZPZ\5-Z(0$! 0$! 0$! 0$! 0$! 0$!
M0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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MRWYLA:BJ1'2Y DF,0%RZH/HSD[<=%K5;JJ\*8Q6^3N4T53-4X>":FWKM!_\
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MG\CX/%1\.K#'"<$G%HQ_7&,6<RO>?D#[K\?1HY.:QG[%.0\O?C."&]6C8)'
MP$SC9S(@$1)O*Y?*Y>9]%MP+F[+7J+>]&JW;?64 -O9J;<#M3FQ]<\I2:U_N
M8XF@&&6(H=?1^K+8)I6L'()@W-^B+IP*\,?UDB_;QP_:$O4]_P"SK52"R.7K
M1C/&$HQRR@$@L8L3"8.^HDVO%G[%MTUS=G1KU5K>C5[??;9_VU2^?C\:=+=W
M9T8ZNUO4ZGWVV?\ ;5+Y^/QITMW=G0ZNUO4ZGWVV?]M4OGX_&G2W=V=#J[6]
M3J??;9_VU2^?C\:=+=W9T.KM;U.I]]MG_;5+Y^/QITMW=G0ZNUO4ZGWVV?\
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M<Z*RXP@(,[L3\;8'UZ#]M:UY2EL?.GU=6*H[Z!/[@/Q9C_4&\](K%K)R>?\
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M?>9# Z$'_MC[S(8.J^[MF;8F 9FT9J%?1F_=LJE><N_R_P!=/HV%:IA 0$!
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M._N*W[<JAO?AT/Z_.KV3+D_Y=:_<R?LNH8=*K*7'E?\ T(_\H_F5QYR%:,B
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M/]OGXGRGJ0^=917LE[^O^<^B>'[%7=9QP?\ J'_F?\ZNO-RI0$!!U3W>?@7
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MX(^9O"1>2',[(-\J68K56&U%S-%/&,L;&+@7*;,3<PEHXOH_8Z#U0$! 0$!
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M!T'1!Y/L+.U)XVP-&U1]+BA#(6[%JN>L/HCU"!XA(^2>,N4^8'(=&=F+CRH
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M$9Q5&8@+F3L(BSN1/P9F;M=!1#9KSB)0RC(Q",@N+L^H$VHE_@_@1B)>B,B
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MG'^?R/-L&P K!%>TD>2VYQO([L#$T/)\@Q]%NASZ<W-T_P#CQ6M22RVQ:IQ
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M:!NX;!;QKR5S(,U!4<MNP/SO'/(Q.5H3<6<1$@Y1?G=F['6].2K=^>W#P_\
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<TOA\G/Z-Z1U.'PORZ<_!/RSC_P ^_P#-F+__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>img005_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img005_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ F0&0 P$1  (1 0,1 ?_$ )X  0 " P$! 0
M       $!0,&!P(!" $!  ,! 0                $" P0%$  !! $# 00(
M! 0$!@,!   "  $#! 41$@8A,1,454%1(M*3E!4'8=$R(T)3TQ9Q@9%2H<%B
M,X,DL9(T)1$!  $# 04&!@(# 0        $1 @,A,5&AT1)!88&1(F+P<3)"
M$P2Q(\'A4C/_V@ , P$  A$#$0 _ /U2@(" @(" @(" @(" @(" @(" @("
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M'DLWQ8_S18^LYCR6;XL?YH'UG,>2S?%C_- ^LYCR6;XL?YH'UG,>2S?%C_-
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MSDVYM6)A?JSZLHF*+69(NUA8*%Q 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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MZQ,PAT  $A9F]&B6W:F7#Z=\UU\='1+N-HWZ!T+L 6*<HL$L$C:B0MIT=O\
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M>G9KO]GLTT5H_%3[N'-C=&6;Z4M^GOY,.%M<VXYDH<-E[]6X]RJTM.6R111
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M[$W5B];)$T5OLBZ*3L6N,JY2ON&Y9CGB81&( C[O;I_F^JA9I]N26?F65"'
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M,<6Z.$W,1?8[=-Q/KZU:+IAEDPVW;7O'\.P]*K9K,\]@+48PF5B8Y#&(6T$
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MTLC]V!?M11S \DGZ0U]IV0;GBZUN-GEFR#WHI1%XM0 69NW<SCVZLZ">@("
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?" @(" @(" @(" @(" @(" @(" @(" @(" @("#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>img006_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img006_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ E0%H P$1  (1 0,1 ?_$ )H  0 " @,!
M       &" 4' @,$ 0$!  ,! 0                $#! (%$  ! P(# P<'
M!@L( @,    " 0,$  41$@8A$P<Q49'1(A0(0;$RLB,T-W%SLW05=6%"4L+2
MD[0U%E88@7*2,U,D5%6A8H+3E!$!  $#! ,!              $1 @,Q,A,$
M05$4$O_:  P# 0 "$0,1 #\ M301;B7?[W8M*N7"S-H<Q)$9HB5HGT!IUX0=
M<R"H^@!*NW8GEH(>'%#71,6V(%B7[1D0HTR5*<CRACMH<IMMW.@B6'L7%+*)
M*2957!4PH.ICBIQ%BM3BG::[X<-UU2:CMR&55ELU'("N"8DZ2**IM0,-N/,2
MR,KB9J:3I:Z2+/:4DW]B<%O@L,-O/MJ91VI)..@2,&(MBXJ%R;4V8XT0XS.+
M>HF(@RPTG..-E8)TT8?(A[RB* [H04U4"!QMS\DLOXJXT!>+&IFHMHD2=*2D
M.ZA-=6"V+JNL#&1Q6Q>-01ILBW29LQ(G:3+C0=FF.+-UO%ZM-N.PO;FX"_GN
M$<'G(R*P\\R1HZ8 (".X[0N8'B8X)RT'IMNN=87>[6F*U:/LZ,_,)NYNOMNN
M$TVVPXZK"[&Q%U";$2-%(.TF52H,%!XE\2[;:7;I?[!WB-)8FNVT&&G0>63'
M528CDTVCY"+P>B1X%BBXIR42D-BU]JFYWZ#9)6GWH!S[0-S6Y9'#C,.NCB+1
MD0MXD"KE(,4+'R9=M$,*?%'73)-)(TX\"OJY!1M([Y$DR*R2OOHHXBL<G5%&
M\RIF02P555*#Z[Q@U/#MI'*TQ*>E1T9&44=B28H;INHBHV+:FJ&+8JF7'*II
MFV;:#:41\WXC+YM&P;K8F3#F"&"DB*H%AY1Y%H.V@C^LO<X?UIOS+4P)!4!0
M*!0*!01'B/JG4-AMT4M/6MVZW%YY"-EIDWA&,S@;ZKD4,"(>P&WTEY%P6@CM
MTXMZCA/ 8:3FOP2?2.+S3+YFX9BCS60!#%!<9<'ME@(FA"6&"*H=CW%/4L8X
M+4C3CJO3;4%Q/=B_NX[CBC@V\X38C[-#[8IV]FP5H..G^+=YO1[IO3\AK>6E
M;DS+%IYR,1[G>CE=R@)"1KNQ%.WBG)08G3_%3B.AQ[7>--ONW66"$U(;C.BR
M!&PCB"ZK:NM @*N;:YBH;-AXC1+*63BAK":L"$_ITDN#I,-SGE&0VRWO44E/
MM-+Y!+9BN"[%6B$LT)J6[W^UNR;K;"M4EMP!1E<ZH0NQVGT5-X+98COLA;/2
M%:"24"@4"@4"@QNI;P=FL,ZYMQW)CT9HB8B,@3CCKJ[&VQ$=JYC5$H-?P^)N
MNF;&RY.TI)DW4&'EFM,M.-(CT5"-W "WF N-JVK/:52)53R4'![B_J=FS)=G
M=*R0:58H-PT9DG*=-Y@GSRM@T60<HX"1KL78>5=E!TQN-M[<N[5N_AF0\9O1
M0-8K;[J-]Z4D5ATE;$6WFD'.1*N[447 N2@[M2\1-?6+4MV7[%<FZ<BGNHSK
M49PU_P EDU-%:5QUS*;RJ6#:)D%<JJ0X4'&U<6-7J4D;GIIYLWGV_LIA&9 .
MJR<A&R1[L& D#)(]CFVBJ(N"HM!F](:YU;=;K&BWBP)!C2D=07VE>+=FTPQ(
M3>;QMM$$DD*VFWTP*@GE H% H% H-?R[]Q);OL^.U:1DV=J2.Z)QI5)V.;S#
M) V0D*)E!UQW,0EZ.%!@;A(XAV/[6M^GK2<6$TV^<<84=LFV41_V+L<29+O#
MKK'I"KA8%^(B(F(9FRO<5YNI(Q.NC%L# ";O>V@!R0R4AY!4@%K,,@F ;4AS
MMH"KZ*^B@==XD<1F[G.BON/.Z>8<5E)$6$T])D-R01QOV1"8&+9*K#BH*=GM
M+Y50.EF-Q3BVM^%;TC6SN$6(["BLQ@W+C\K'?1D-!=P",88YD!55"V\]!ZM4
MW/B@YIRSNV&(ZQ>%<?\ M5DPCHJHPRYAAB,H!%QT14!1<214',*KC08]==<7
M3N,V+&TQFCPHST@)C\=QH9+K"!ECLIOR7V^)*)DB8?D[-H>:U\5.(<^\!"B:
M;[_&23&8E2XS:BTR3R*K[3IF]L%E$QWPB2%R945:#8>D+G?KC:W'KW"[C,"0
MZTC2 0"38+@)BA$9*)>0EPQY<J4&;H% H(_K+W.']:;\RU,"05 4"@4"@^&I
M(!**8DB*J)SK_P"*" V*_P#$/N-P&39Y=P,I3S=ME&D6*8-( Y2=;=*,JHCB
MEAE!=B<I>DH8&TWCC(-NB2I0/2D8-QJY L9L7W1040WXS1,1%[)E[,#1,<%7
M%Q%3 ,IK.X:^D2UB0[.<BUS(1Y81MMN I%%=,^]$HN"CC3Z-"+:&*%BN&;R!
MC;4YQ=DS+1"M!+"LC,07'9-RBM125T":$V#CML; $5+=H&Z4MO:[.TEF]4WW
MB3 U%)&T6Q9MO".Z4-L116CRQ\Z&X2#F5SO/LT;1P,1VX%MP(>:X:OXL,.NM
M0]--33;+=*JHXRVCA$J HFIGO&]V.<C%.RI('*BK0>&5J3C,-VCRFK6/V>Y%
M:E';.[9L"(3SL$^CF(N"JA_;^#90;7H% H% H%!$=?2M8QGK&YIU'7&%FB%U
MC, !..,DF"(CCK3P-BB[2)<NS\9*#%!>.*C;&H(@6X)=VBH9662Z(QX#X;SL
M]I,SB.924<B[, Q4NUC0>;7U[XKPGW_L& 3SB,(L%B*(NM&2LJKQ.NN-'VVG
M?\L%5O.GY2KE0,=%B\26T@Q-*-?9T.5)>?D3YL1J(XXJL(1%+9%@\OMUP%
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ME>A/2F_(W^=42E+:@*!0:V\1OP9U%_=C?M;-6X=T*\NV5'JWL90*!0;?X8?
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MSSM]#770,-<\[?0UUT##7/.WT-== PUSSM]#770,-<\[?0UUT##7/.WT-==
MPUSSM]#770,-<\[?0UUT##7/.WT-== PUSSM]#770,-<\[?0UUT##7/.WT-=
M= PUSSM]#770,-<\[?0UUT##7/.WT-== PUSSM]#770,-<\[?0UUT##7/.WT
..-==!]1-<\[?0UUT'_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>img007_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img007_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ (P!D P$1  (1 0,1 ?_$ '$   (" P$
M       &! 4" P<( 0$!                     1   @(! P," P<#!0
M     0(#! 4 $08A$A,Q02(4!U%A,D(C,Q528C1Q@7)3%A$! 0
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L>_F7;YKY?]3P[_C]MO7IH&3'_P"!6_:_:3_'_9_"/V_[/Z?NT$C0&@-!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>img008_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img008_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ , !X P$1  (1 0,1 ?_$ '(   (" P$!
M      8'  4! P0( @$!                     !   @(! P($!0,"!@,
M     0(#! 4 $082!R$Q(A-!46$R%'%2%8$(D:'!0C,6<H)C$0$
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GP6'J1.\=[+5?S)$7=4@A;W6+_($J!H#G03030303030303030?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>img009_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img009_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ 'P!X P$1  (1 0,1 ?_$ &D   (" P$
M       %!@<! @0# 0$                     $  " @$#! $#! (#
M   ! @,$!0 1!B$Q$A,'05$B83(4%7$C8D,6$0$
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MS%0S&6HXS$X:C=?+-;BGI9>LJ>BHP/JE:=RZLH:"5QT!WT"7"_!EZ*>Y/=S
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?J"X\E)4[,2.AT$AT!H#0&@- : T!H#0&@- : T'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>img010_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img010_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    4   _^X #D%D
M;V)E &3      ?_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%
M!04%!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)
M#0L)"PT/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,_\  $0@ A@#Z P$1  (1 0,1 ?_$ +4   ,!  ,! 0$
M      8'" 4#! D" 0 !  (" P$               ,$ @4!!@< $  ! P($
M! ,$!@0*" 8#   ! @,$$04 (1(&,4$3!U%A(G$R%!6!D4(C%@BA4C,TL<'1
M8G*"4R0U5>&20W.C1-0E8U3$12885A=7$0 " 0(% 08%! (" @,      0(1
M R$Q$@0%05%A<2(R$X&1H<$S\+$4!M$C0E+A8G(D%?_:  P# 0 "$0,1 #\
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MQ887ZW!=N>K(2H#D.'#"NH+&/>)"W%Q,YMD#)+M 2.5<&2,.3TCXZ37ZR?\
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M9J-*-Q/TO"F&+:P^7[B\LQ%0@?DM]3S#\-7T!U.+9K 6S8'[F(_%NW?)V9_
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M%V09:VT2DJ;UH27B\I/*IT"@\:5QT*N#P-0B@'N35&7'(TE2OO*R8[@=K3[
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9&+5__2W?W'3_ (=/X?K?N_Z,>HCU7V'_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>img011_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img011_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    4   _^X #D%D
M;V)E &3      ?_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%
M!04%!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)
M#0L)"PT/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,_\  $0@ @ )8 P$1  (1 0,1 ?_$ +<  0 !!0$! 0
M       % @,$!@<( 0D! 0$! 0$!               ! @0#!1    4" @8(
M P4#"@0$!P    $" P0%!A$'(1+2DQ15,5&2$U05%@A!(F-A<=$R([%"E(&1
MH5)R,W,D-!=B@E-7)9486++"0Z.$5I81 0 ! @4!! @$!00#       !$0(A
M,1(#$P1!47&188&Q,E(4!16AP=$BX4)B,U-R@I(CHD-4_]H # ,!  (1 Q$
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MFR3IIU.(<*H-PR7@RB:UW3*2>(M*M5!%IPZ2,P1TD
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MK9IU:@U^#5[BBU!E$$JP;-6D-HK#M.0EN,_5$(,BD.I0E*5+/ UI(DKUB(B
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M$!J363U@-P*)2W*,<JFV^[678,&2\XZTKS]+Z:@AY*U&3B72DN%JJQ(L='0
M@F,A+*9H)6^Y4+CFL0Y427;M0F5F7(FT9R E:(ITR0XLU1^[0XI'R_F2>JO6
M3H JZA;M"8MND1J1'FSZDB,:U*GU24Y,ENK<6:U*<>=,U&9F?1T$6@B(@$V
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MZ*)_@H_8.JW)EE"@
M                                  *F_P Z/[1?M$G(:G=64F7-[UR)
M<MT6M&JMP08*Z9#K"EO-2&H;B^]6PAQIQ!DA2])E\?B.5I)U'+NR*O5*/6JI
M;$"?5: VTU29S[>NXTAA6NT1F?Y^[5\R-;'55\Q8'I 34#_7S?\ !9_:X/3<
MS2'/LSLX[?RI<HS=;H%RULZV3YQCM^E.U(F^XU-;OC;,M3'7+5QZ=/4+M[4W
MY3#CZOKK.FIJBZ:]T5<K_P#5_87_ .AYD?\ \O*VAZ?*W=\>;C^][7P;G_&6
M]Y=9_6OF7<"[<H]KWA1Y:(CDPY=<HKU/BFAM24FDGG#,M<]<L$_'2,;FS-D5
MF8\W3TOU*SJ+]-MMT32N,4AYL]W-H,5>\[5N$JA:=Z+@+H$"9E+=4PXALMNU
M<UE4(3R36ECBC_0?<=946H@L%)P,C\7T87%^G;LN[V5YDV\JLT6D5)RL4>WK
M3FS%.Q:;&].U,GC(M97?K4II)$\M:L6TI-&!&>(1N15 HF1]6R5H;E+RLN==
MVTFI4P\Q+.C$BLM\!&<FOU"9.6I7$QG2;U75F3>HLT8FK'0)E,YFTJ9?6=M^
M1JR5A5&BV]9=(J5ALWZM^32U0)/%*J$N)&9=9;)9O-H2Y+UE*:22"2G3I#7+
M=G6!FN]=]PYOTN/;M$IV55MU;+2BU22I'D]-?BRCJ$^FNN&E1NHE,H24E)=Z
M24M:2UB(P]G9)3[FJN3^6-2O,W575/MFF/UUR06#RY"XR%+6Z1Z26K'%7VF8
M)+IRORJ^XP&MPO\ 1Q/\%'[!U6Y,LH4
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M^XP&MPO]'$_P4?L'5;DRRA0
M  !93(C+DKA(DLKFM))3L,G$&\E)]!J;(]8B/[2$J5BM.U?,C+I(R^\!\%
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M%DGX .HD1$1$18$6@B(!\5^57W& UN%_HXG^"C]@ZK<F64*
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M GIXC.8AG[E-W]O:ON]5(_%7_O)F? -/J#V^7U&29Z7:3,IU3(B_LH-*L?Y
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M9??@&B(SNB$CZAN;F.UM771WS^WRJK<SUS,27=I]LUW%)(L<')D5+7;(C/\
MH$T1\37SN_\ X+O.&- ]S+=&J;-.SAR\J^4K$\R\KKTE7'4X\=&K(>:0DV3Q
M^)D9?:0O'7W9JS]RG;FF_9-D3E/O6^N8R>B&;GMB3&:F1[EI+\1]LG692)L<
MT*;,L242M?## >;Z$;MDQ6+HIXN&7+[FK+AU1=NV#2ZEFW<S:S0_!MQ!+B,&
M73WTY9=T1EU)UAN-N<YP<-_U.S5IVHG<N_IRCQNR0I9H^Y*KX+H>0=.I3)]'
MG%66I?\ ,TVD@TV1G=+//UEV6U;'C=^D/OJ3W>+63J;"L9EDOS15/RE.']R^
M]+]@?]?I75UU<MO\5"IGN_N ^$1 LJPVRT.5-"'9SAX_%"77-4L/N,/^OTR3
M'77X5LM\Y?/]EL\:H1+K_N/KC2EZ76:6RS%01GTD1(:+0+KMC*V$^1WKO>W[
MO52/R4G[9Z[(TS\^+[DK))D1HJ3[98F>):$K(@Y)[H)^F1.>Y?\ \A&6/N0M
M@^XM+/-%=@'\J6;FA-3'&T_ TN&E*S,OM4)JMG.WR/D^IL]S>FG]41/Z#F6/
MN6K"3;K6?A4UAS^\;HT"/&47]EQ+2E%_.&JSLM)Z3J;O>WI]41#":]IM+JDA
M,J^[UK%ZND>)^:2I$M)G]C;CA-EV1>6[LP(^E;4S6^9O_P!4S/X9.O4/(S+:
MWVFFH5"3@T6"<#)HNRRE Q,S.;MV^GV]N*6VQ'A#=X]F6E%P[FW8)8=!K:)S
M_P"/$2CVHV-MMMEM+3+:66DZ$M-I)*2^XBP(*"L4
M4J0A:T.+0E;C?]VXI)&I/W&>DOY!*"H4             #0>)&1*(]!I/H,C
MZ2,0<SLC*NV;%K-RUNDQ643+BEKD+6ALD&VE?YB,].LH^C'J%F9G-Y[>S9MS
M,VQ29FLNF ]       5-_G1_:+]HDY":'*T (0R/$] ZF7S ^H4,#Z@# ^H
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M<5083JM/34,I*0X@L"T*61F6@ON+H 73Z3'6R
M
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MM_G,3>$&N ]26_SF)O"#7 >I+?YS$WA!K@/4EO\ .8F\(-<!ZDM_G,3>$&N
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MLR':Y/I!TZGI9\B<):4L&W(6^MPVT+(UDKOM5. #](00
M     >/KKJN6%?SIH]HVM-H-)OJ@7)3ZS?EX/2V69Z'FV\6*+$-Q??/O2T:J
M76D?IH9-6L6NI*05JEEL0G?]H6:21-9X'<LU.;SR-9-41$6W+*KJJ*OSDR:S
M:.*;ORX]UW70!+F3='IM$88MI@Z#$@VY<V9*X$O,0WY= DH754M=T:E.:SM1
MT=XA2CQ)LW-4E&K0'N_)M.IE3EZGNJNQJT&"7<UXS544X-)T2#/3K=7V8 CI
M0                  \I>XZNY8,.1;2K3=!?S.O"CR85K2*[):C1Z3!4O5>
MJSK[ZB2PB.LR4E2/U5K)*$?$TEAH]Z1+:BRLUXM]3U5VOMVI2&<DZO)-3LZ6
M3=.)*'J.M&)JEKJ1&MPV3U]+9J^0!DU2JV37<PK(LPIEO4K-ZD3[>K.:UYN2
MV(\R-+CLM+\IA*6LG'7IN'=J9;^1+*E&LM924F&/0&V3N"SB80A&>R<SJHY?
?1D2N.\A.1+[XWCZ>!.!PY,8_I:^IJ?-B ]R @ __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>img012_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img012_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    4   _^X #D%D
M;V)E &3      ?_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%
M!04%!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)
M#0L)"PT/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,_\  $0@ M0%* P$1  (1 0,1 ?_$ +L  0 " P$! 0$
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M;3:.QES7/!LH4?'I!(  BFT?MY^.H"XGHJ48T<3WTUBLWJTCRD5 4T_,HI\
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1!H&@:!H&@:!H&@:!H&@__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>img013_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img013_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    4   _^X #D%D
M;V)E &3      ?_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%
M!04%!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)
M#0L)"PT/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,_\  $0@ A@#Z P$1  (1 0,1 ?_$ ,0   $% 0$! 0$
M      <$!08("0,""@$  0 !!0$! 0             $ 0(#!08 !P@0  (!
M P," P4$! D(!@H#  $" Q$$!0 2!B$',4$346$B% AQ,B,5@9%",Z&QP=%B
M-#46"?!2<K)#4R14X9)5-E87\8*BPM)C<Y-D)8-%-Q$  0,# @,%!@4# @4%
M     0 1 B$#!#$205$%87&!(A/PD:&Q,@;!T4)2%.$C%8(S\6*2TB1RHK)#
M%O_:  P# 0 "$0,1 #\ Q&R&4OQ?7H%]<4%Q(/WKG]H^_2)SI'^99!NOSUQ_
M]U_Y]<N2VRR-^;NV_P".N*"0?[1_+K[=/CJG(Z]@+F^N>ZW#4>[N'W9"VW+Z
MC'QF'OU%>*Z#+>W)SR?.Y*LC!FGD448^1U03^HJU_2$T-<3O(RB5Q3P8DTI^
MO3'4B:+RYN NQ;EZ;@%JQI]ZOVZ0E*S)JENKKU#1F#,_PL7(KX^0TT%<S)LG
MR%U'&S.\G150U8@U)-?/7<4[1<_F)]H;YIU4C;U8].H\M*[)P"0-<S2QR2"X
M>JR2)]\]0#T.D>B5<&GN56,B>592C>D-Q )(I\1TUWXI&7Y%<W%$'S<C$A1)
M0FE1[#KER[1SS LYE85( J[5_5KGJE903N1=77]V+[?=2+( NTAS7K*HZ:K<
MPD$,K3IXU58[BXO-L(^:F+$$5WMX=??H83*L6#:(S]LI;LX( W<P R,HKZAK
M50M1UU88Q/IJIS /4\$3;.6X&/N)'DE=I;A5C+.W7\0?P:??^BG)06Q_<"*G
M!M[X>.3U7W-DLHXW,:D-=24KU]VI<9]D>X(?(;?+O7[SVXG&!N46X=6)D8D$
M]%%O(:#4&833P^:EPAYO!-7/\[!@^/V\UU=OO*Q)#;*QW2LD:L0*>2CJ3Y:/
MG9E<DR%M2V*OF9L>['<OCKRX'$6ME@/7@:"]D>=IIUA,AW(&Z$5D]FHKF!;!
M\TBK3%G+;1G51<QG\IQC.R<>Y&_R]S#($DD@DDVJ2?O'=X@>!]FHKF 1%X%$
M0SQ&>V846X]=WKY#,2"[F._,-LI(U*#;2G70F42&!Y(_"C'<2/W*Q.)Y7.L$
MN(SDTMUC+C<6^-M\1%:.A!\=4-ZP7WP+2^?>M.) C;(47JE[AY&NK1GREIDT
M3Y._>1Z,BU*JVTCXJ'].N]4W*2+$:A=;N?Q] "#Q39DN7Y>Q^4,$$<PGD,;U
MEEJ.E?AZ_P >I+=@2=R5(,PR/TA<).591@/A"U\C))7^/3_1;B44)]@2$\FR
MGC13_P"O)_/J7TAS*9ZC\ B7VBY)ELAW#XO8.(XH'N9'D='D]3X(7/2I(_7J
M&[9 B2Y=5W4SNM5 X(<]PI9Y^6WE[\S)4_-LBAV _$O&!/CX]-6?JD1 [ODL
MYZ<=?;5(O7N?^;G_ +,W_O'_ )]0^H?@G[1RXK.&_-<A?#_\B7_7.O15YJDP
M) II$X)RQQ_XRW_TC_JG3HZI59'Z7;0W?>7AD?C2^M3U_P#JC4-Y/C0.MVLB
M%:[OZBI65Z&E!7<=4$C4E6D0X"9I/@B+FI?:/A^WK[--U4E4SS;%5#]U"P;=
MY=-<4H3,X$K>JC4#,2OL\=-9*R;9BLDSQL@)V@GXJD'=_%KERYR$*2@02%16
M11X]>ND(=*"N$8B](1I\+*I9U(%26/72-Q7"3I&QJ:>SPUR5?D:[75%KMKT*
M^&N2KH2 Y7T_:"Q\37S.N7'50/N50\<N/(_AUI[/56FJS-I(!6O3]"JVRH3Z
M:DT ZJ??UKH)U9@.BAPGDO',-AX;#)YJTL+Y+VXN)89VVD)(R[&Z^VAU98UV
M AJJS(Q[D[A8.B!:<VX<+%(/[UXDR+>1_";J,-M]92217P %=379Q,"QX*&W
M9F)UB:(I<'YEP],%CXKKE^%M;I+B[>YMI;Z%)$WW#L-RLP(J"#J6S.'IQKP0
MN18N;Y>4ZKSS[DW&[K'K%8<GQ=Z\DDZ(EO>02'K;NH)"N?$G0N3<B68\?Q4N
M)8G$DD<$CYIP_P#O]R3MBD60AN>(/EEL.2WEG<QRJP:DPMJ1LW6790GR'VC5
MQ8N@[F+E"PL&3'0.KR"/'PX\68MTMX+=!;VL,48")&B[550HH HTA;BK "09
M91_5MQ2PNK3-"&SCL\A9*+FTO5C4,)T:I)*]74@4;KJ*U<VS8Z(K+L"=H$?4
MJ8\41C-.II\>3JVWPJ40FA('GJISB#+P1V!"0(["BW+&RQW$E!N2)V'N-#JJ
MW+2$)XLLE+:?EEA./4L+RW7YF$]=I"BC+["#J&=K<\AJ"D)T!T9*LAB5N4AG
MMY/F+**02"X)&X&E"'7^73;=W;25"FQ\A?@FE\3*['\5%H"W4'P _P"C4PO!
M3QR :*)_F$;"OI2T]FT?I\]%[$[U>Q%KL5,MSW2X\B(ZM'%=R_$!X)":_P >
MHKP:!\$!U.;V64'YDKC-S;@-_P O6OO>[E;1,RQ]N2HX.P"25;VC^R*Z8P^"
MD;YK.B__ +0OC_\ D2_ZYUZ.O,0DM=(E3E9$"XCKXC<?_9.EB63E;#Z/;47/
M>OB6WKLOK4=?+XJZANE21T6WE\5:2X8U8&>05\#]XDZS\E9P3+,J]5C)#*H
MKU_1IH3Q1-URH'H[J(M*.%_I=.HZZ0I:ID,+1QJM=ZDL%;]/0_HUQ*5-CVQ6
M28@>*U7:37KU).N*4!U^(C!W/@S@*')Z@CW:1<DD,9#&;U% ,1C?X:'X6TA7
M"A264?BIM 4@?O!X4.N">NB1%&4E 22%#U]ONUSNN71(JR!C^RQ#?HUS.N0_
M[E@CCMR/ EX #_\ RU_DU5YY>85KT_0JM4HKO^U>OZ]"E681IX'96$O'<?/<
MVUM,_P U/O,T,<A8,]!5V4F@IX:L\>'D#JHR9>?53-\!QZ[QRQ28'&3>I>0)
M*XM80&0SI4 [*UUU^.V)+591VI^?;PY(C<-X-PN^XW@;N_XCA+Z:X@E>>6YL
MH7>0M,X!9BE20 !HK'A';%P-$)?O3WRVR.JC?.>WG ;48>YM.&X>SN%N95$]
MM:I"Q_#V#<5 J 6\-"9,6(;0HG&O2D[DT]N2G2X?C?#;&]QO#N-PXG-P9.WS
MO%['&1>FEQ?V72:$H#M4W%L&3<?XSHF9V@$*; O&\3"=05V@YY9<AY5A<A@<
MCSW+6>=D>";A,$<)@,K(=L"B0QB!;=A5Y&/Q#J3UT2;IV@;?%T:,,AW(&BHO
MRSD"\EQ!O;_D^;Y#E\C>/'D,1DF@A6TG61U9Q"$"[0OPJ@8^%6/AH;(N$1)V
M@=O-&1L;2YF370T95\X2"ZH2=WJY>8UIU(]2G\FJW,-?]*7!J03^XHUW=M_P
M]U[H7H/?0]-5$95"T$Z KG=P^G+CEIT2V^+I[ -.@:'O3;@+AN276=S/8N'@
M%8G6I5ONM[CIDXB0KJN8A.TT4=W [6AV-M-83X*Q'^KUU#&6TU2$ %PH6.-Y
M4TC6)'=>C+N%1HTY,%+ZL41NR"_E_=3Y&\(CO,;BK^>1:$A?PEI1Z4\#I;LM
MUMQH2$!U*X# 1&J&G+1.F>N_F%$;?+VI"5KTE4RBA\#T:NBIU%%5P'TE(:>_
M_P#I/:?\JZ<WR3W'Q5#K;B?*N2Y/,Q<;XQE>0R6+O-?1XNSFO'AC:0JLDHA5
MRJD_""?/IKT,EEY>4JF[==P[.WNKN\[?\EL[.RC,][>3XF\CBAB3[SRR-$%1
M1YLQH-(X.B711^U0K(6?X%$;[6Z>)4@>&G )P5V?H@Q[W?># 3)$SE,C:J%4
M>8&[^+0]ZI;L4D-%L?=UK<GQ<S/M'B#5_#[=4/%644V/&JR.P)8, ?TTTB>F
MR56F,6T?#4&GL UQHI!HFMT)*;3T7<.O@>OF--315-MS&Z/)Z=1M8%J^-".N
MD[T^.BY.I9EVM23;N+GH  :^ ZG7%(%Y*%46HZD!O::D^[IKN"6*131!R=^[
MJ"3TZ$C[-<Z<O'II\)W$'QTU)N7L1T^(,2GBQJ/Y=.B*%*H#W,H>,T\',T(K
M[V<M_%JIS3Y@K3I[,56^>-4# UZ%: ^=16OZ]".K,!'#@$!_N?B6)52_S#.6
M'F)F'\6K?'/E5+E?[GBB%;JBXO%K5=WS<!) I4"7=_)I,T_VR5'9/]Q$_A++
M'QGC*UJ7Q^X #VL6\/TZ+@ (Q[D%=^LGM45[D7,%K:8R\O)H\?CX9999KVZ=
M8HD DA!8NY   )/CH:_9-R]",*HJQ=$+<I%5^YE]2G&,GS7B_&.W,TW(,M?<
MBQUFW*W4)CH5GNXXY'MPQ#SD*33H$KYG6CL=!F?-=+!M.*J)=3$?]L<=5=?F
M%OB>VF7[C8C*YVWXAF,M>2F2ZR<8CCOH+A:6]Q:SE0[55? /2HI04T(+/I@P
M/!:''R?7VS''YK*3FF,M,!VOYUSG"7GK?DV5MQQ[EES$7.6NGN!"]M;*U#\L
MB%PTG[;UH>E=36NG>N'F*(?/ZH;$MML[B]2WP[D">W_/N/V\N.M\WZN(D2],
MUU=.I:V D>M2RU8 >\:J^H]#R&D8#=3Q1?3NNXQ,1,[2"_9[U;<BVR&,EOK"
M>&^Q\\9$-_:NLL+5Z?"RDBH\]8LQE:N;9 @\C0K;B4;D-\2) \1HO[)6=+Z.
M(#I% P7]5!7]6DMS\I/:NF*^"YO;%4-!X*!_*=*))2O%JTEO.)$Z*S;2GC4>
M_72 D&4;5=/\+1W/II3T9JG;&#3=[E)_B_5J O%=<AH0I%V[QUVO..19>:(+
M;-@[T12@BAJBJ.GB/NZ+C,2MB(-7""ZA,,$#N<YR[QW+LE F/L,@EO!90/%D
M(6E5"EK'U3:Z$$^>K6S9B;;DEZZ=ZJ#>,2P:G/N2K^\J?^%N/_\ =WU?ZO-]
M[_-_??=]VD]+_FE[_P"BDW=@YH=<5[1<\X%RS^]7#^997!9>TNC+')';QO%*
M5<E5N(&?TYD!-=K@C7H4JT*\X;O1)YCB>]W<K$18/E7="]3&!Y&G3&6%OC#<
M+*FQXKIK>1/6B*_L/5:^6HH@1- N$70TM?I'3)@S6_,&B1R(T]"WM=@=0/A7
M\4FOM]^E]8A2[ K4?2;]/F;X#SM,P+V2^QMG>I*,E*$1F,:[0(UC8^?[1U 9
MF4G3C$"+*]-P KS^19W-/>6)U425@FN9"P)!H/=I N2*2+:5"NROMH30]33K
M]E=*4HHD;*3$A+!=M:I[#4] 1IJD9-SH092"8UHJE2=W4'K4GQTJ4U2)X9"W
M0KL4!:CH*?9IA7.O+KNWJ3U5%,)'^0T@7 I&8)$Z^G115NO7IKN"5UQ]$-T%
M4!&[V"IUP2,Z[11,M.@(H#5Q45^S2[4H4"[G)7BXD3Q>\@#]/ U<T_5JES3Y
MV5O@BE%7"XC*=.I#,K ]?"FA1160*.7 H"W$\&Y6H>.8H!_]>0DD:NK : [E
M29$O[A\5/DA=;#&2;=FR<. ?Z"NW7]6HLZD$N+YI^"AO>KN]F>SG:_MW/Q..
MQ;E/)(;>WL?G8O7CM[:*$27$WHDKN)+JHJ: FNM+T? CDD[] J//OF!8<5F]
MS#F'-.>7XO>:\EON17*%C!'<O2VAJ?"&W3;&@^Q=;&SB6[(\L0J6=R4D]]H,
M;97O=?M?C\EM?'9#E>)M[]'.U#$]R@<,?(4U+=CY"HC+0(^\(NOJJ[BQ<JX?
MQG@-_P!\^VG$LU>2XO#\MA>[M;#T)YDC_+;^YFM[AEV_[%961@:$#IJA_CQN
M&HT5E'+E8B3&6UU7ON_W<Y[R#$3\*SLMO-C\CD;?(75FEJMJF*FL T:6-G#&
M D$*J16'JP8!B>M-%6WW,-%#<8#M^" <,:EXD",TA)+"E $(ZDGP-/+1,8U9
M0F2D6,R>:XO<BZXYF+C$23,/4AA>D$A\?Q(FJC#IYC0V;TVQE1VW8 _-%8W4
M,C$:5F9B>+:%7$[<\LR_<7C,>:NX[2#,PW-Q97,D:LEO*8R&63TU)*EE;PK2
MNO(NLX-OI^2;423&A[:KU3I&9/.QA=D )5'93BIS+C<^&Z7N/*A>JF.3^?59
M&=KD59@3)U"0/99U2:W=A7W1/_+J03M<BNVS[%S$>5B96N9;.Y@0_C0JC(67
MS ;R.G&4#HX*0B7%D4^W=_+-;\HGE5C);82[I)T.\$4ZGVCS]NDA; F&YA5O
M4#Y0.]5L[H,/[W\L* -NR)1F/_RXD0 ?935U9T"JI NG#Y4_\FG_ '$W^!_^
MY]NH=_;Q1>P?^U:@YC)8G$VN1R5Y'%'9XR*:[G<1(=L<"L[F@!)-!TUI(F4I
M,L,P99[6?).5?4#W P.',[XG'YS(&*QQ7HQ^GC;1SN"B&,?C2E!4N_GU-!TU
M:SCZ$'"=B6A?N,=%<3,?1#CX<7(O$>8Y"[NY$$43Y)%<Q@?$94>,5W;J#H/#
MWZ$AF2EJK.YTZW&G-5-SG:'O-V)N).3WF3DN>.8#)0S_ )E;R,98UDDV.R;P
M"0&INC<%6!KY:6.3&Z=G-#7L&5N)GR5WN$\PQ_.^'<>Y?C(GAM<Y$TCPRILE
MCEB8Q2HRU/@ZGW:%E%BR&,N2DC"-V=CY=7W"@I[],9*D<A3<?O?A]!0^WVC[
M-<R5(PE)(]IZ"I 'MIYZXI=R;Y(%<L)5:DC??7K7KY#2)Z\M#&H-!U\"WG0:
M1ESI'/'6(,B*DAH!U_8UQ#)72%[<QT;T_B(H*^\=>FD(7).T31JKK6H%*].@
M]O77,N)9"KFW<JUXQF[+CMG+;W5]<0L]^0CS/9DT,?J ,B;I!X*S#3&*GC;H
MZ8KU+GEF+GEY";O'8_'QSW&0SKNM,="B]+CY%?3@(4_"Q9G/7X:Z'D8[G:J)
MA&3,%2S_ ,PL'@,U+98G.3\IQT;M$S3+\NLX4U$L<9+^DX'[-2IU+>PO6% Q
M4MN]Z6I<*U/:_N5#R#B=O'QOBF1Y#!B'DM;NXMY(=\<C,TH$B$[DJ&Z5U&UR
MR!$QJR9*%JY(R]0"OMQ1$EYCG8X+=;CMOG[6.1_1^;K"P4NCJ#M5B:"M2?(#
M0F7.4X%PRGQ+%N,R1)Z*H'U'\TFY1G\#BI<;=8D\"X]:8NXL+J2.1OF7VRR2
MKZ9-%=-A )K[?9KTOH=DPQA(AB:^'!8SJ9!O$1+@?- VX # U( H![AJ]*K"
M'4Q[;M<0]R^VLMI*L%U'RK#&WGD 94?YZ(!F4]"!7P.HL@>0KH:KZCX(H/S+
M+VDJH(;<[X(46@*"0[6JM*"O0KJI$7 =(9+Y\?\ $5Y1;YOZ@(^)V4%O%:=M
M\%;V,S6T:1B6_P @QO;B20(HJ]'0$GKHRU%HI]MR*J@P#_-Q1"0DQD2R'PHO
M@%K]NG<5( DUU<J'OI9 76UA/IH/$O(0JC3+EP %*(U5E/IBSJ76.Y=QQXW;
M(XJ:/+6EF@!>2"=1#*%K3<58+Y^!UY=]WV"+L+N@E0]XT7HWVAE VIVC4Q+C
MN.JLI,;PBHP63W#HWX$?C_U]9("/"4?>M>9 :@^Y-$Z92H*\?R!]Y2,?^_J:
M.QOK'O3)$O0%<K2QS-]=I;2XNYL8W5V>YN-A0!%+&NQB>M.FEG.W /N![ET=
MQ+,BIV_MTCP/+65!5\7)'X>;RJ -+;D]U5G47-%5;N;,#R3D[*>GYM>D?H;;
M75UC.0%57B0>P*UGY2G_ "Z__P"3>CX#[WZO'5,YY'ZT37GP;5%?O1'+?]O.
MXV.CN)+(W&&O'BN+85EI$0Y6GL8+0^[6XLG;>BL3.L2@W_A]8FRDYMF,Q>31
M)=XRR,-O;-'N8M,=M0S5V=!TH.OV:M,V=&*DZ=$N2%LC81W4<$D[61M[=/N.
MVX;0>E/T^[5: 0':BNID2(<U03[RX%>6\,Y#A)[1;_&7]M6] (KZ:U9^G0#I
M2AT.08G<."E,=P,3Q52OILCD?LOQ)I;86R_,Y0VT4AJ6A6_G6-_:-P7PT7='
MF6=-:(U2Q(SO(*_%T*?S:@(:B4).T$0D- -X7I)0J&K]FEC5*N36J%58E4*=
M W5NOB133EQ3=/#$:"A#>H&ZCQ'CTKX::G."N+VZL78*14UZ?TO^C32$NX+R
MUO& VT]?A"FH"D 'Q)TB4%,\E>C -2I6CCI4:5.3>[JLJ%HQ05#*>H\?/W:4
MZ)HU=4(X/8<K[F]TK_MW,UC!F1F\G+?WMQNCCC=I3M1R00ZE]JQAA6A&G7;+
M@&)JC,23O&0HM#E^C7E?).'R<?[F\XM\7QB5XSD^,8*.@G6)AZ:SW+4+D-0A
M=VT>2UZZ2&+L\SAT=_(M&@C^2@?<'Z1^Q?"^"WZXSB$]G<6,,C6N?GG:2=71
M>C,]:&I\!32SNR!H5+Z,)AB 'T6?_P!(&.O\?S;NI"TOK6%G;PVUQ)7H\PN9
M#$:>W:#HC*D&B1JL_&)C(QU97WR>3M<-AKG+WS!;+#VT]Y<-XU6*WE:A_30?
MIU47L>61.%J/ZI!'6;GI[IRX K(O,YBZR,]Y>WTGS.7S5S\S?>!:LKAB6]GC
M3]&O5(@0B L;([R2G:2A-/'PJ?(G1#.H73C@+S\OS_'<F !^6Y;'W1;PH(+N
M*0FON"Z;='D/<FP/F7U18>X7,7V7R$!86S"S5"?]IO1IV0GR4^H*D=1JHE0#
ML7,OE?[O\EGYKW:[I\SO)3+^<\ER4R2,=VV&.9HH4K[%CC4:-A2*F 8H*VUW
M'(T\^X?B&I->@ Z*/U==,?BGNR9Q=1RM?[_$&.M/"I)\?=J#>)1+ISE'KZ9K
MS!8WN%E+S-Y:#$F;"208^2Y<)!,S3QF17<]*JJU4>>L+]YV[DL>&R)(W5;70
MK7?:,X1R)F18[2/DM XY\;?*SV.6QU^KG=NM[N!_A]M ]>GV:\P,9@UB1X%>
MA>M%J$%#C*\^L+>XN,=A+"XSF5MP3L*M;VBFM SS,*[23T*C6FP/MR]? G<(
MA'WE4>9UVW9)A")E+W!"SD?=[D/$LA#;97%P1W-Q%N2U@MF>&CKM/XS2!F(K
MY#5]_P#EL60I*7MX*HG]QY-LUC'W?U4L[<=]<$N-RF+Y+9/A9<D\,5KE8R7M
MT3UT+-,AJR@=:MU \]!Y/09V9[[<G'(ZJ3_,#(BUP,H;E>-WO+<KF[[$Y'$2
MTREXR6MSDK:VGE$DI9&CCE=2RLIJ"-0QF+3"0/N=$;!+0@^*-?\ Y<S_ /B1
M_P#NU3^L)_6_;^^_<?TM3?Y,_L&C>'N^I!?XV'[CJ_M_RJYEKASRW*2\9V6T
MLV4CN;<07CRQ6\B.I67U'@_$ $98_#U)&KBS_NOR51BPC<.V6K%/'TP]F>,]
MIK[F\O%K[(9#!\Z%O+PV]S,9CNH1;-+%-"1*D<DD23+N25E'J(5-*Z-NWM[.
MC;6#*WN X%<5^G;NSE.?ME+KNCEQ\O-#=R9)#?-9 "1FN(Y8YYDCH1M6(1(?
M$[_ :C:):(![5+;N^D3,[:GRCCX]BY?43]/O-NX?,L+;\:[A7.)XW=XK?!P*
M;>L-S?V[TGN9;D31G8H9&*]2*=!3396A!P :I\<B5P S8 &M/<FWL[B\KBN(
MWW',K=1S-QGD>7PF/EB4;7M;.<>F>GF69C7QTPFCJMSK<(WB(:,#XE$EK=@C
M@2!3X>%2>O\ !J)T*OR2)FV@N'^"A2E?LZ^6G!<N<T 58@2B,H/4 ]:_S:<N
M3:\(+'>Y8,1N'@13S/MTQ<O+6\94O&Q9J4J/#]1URXING@8QOL4$.X_73QUW
MBG133/$55U9@RD5I3KUTB=JF&XC*AW,G4 [5 Z@^ J-*$PR3EVS^G>#&]R\!
MWRXM>V&.FY!C[F?-6^1MWO;9L\MPT!DIO4KNB7IM/P-\74]-36]].2L@(^E3
MZD?>5\<YGDN;\;O<G-;Y#C&-NQ)+B+:>9LG<7$S+&D9CD(A:%2=P(%%7XCU%
M-/E&- =4ZS>E&)E1NY4MYOCNZ7(AR?E%KGKS,VS9/*6 QV/N#!C,>MC<F-HY
M[!XR)@8Q\4@<-7J!J$Q@::GVXHJ-^0DY&V/Q]R#?8[B(X?Q;-968P37O.<O<
MYIA"#MAMR?3@A#&A(H"U?.NNOG<PY*IE%IGM)*9OJ8[@' <*LN(V?X>0Y<"]
MY,20MOCK5AZCO3Q]63:@'G0ZM>B88G<]:7Z=.]5V;EM VQQ6=EWE_F;BT@M9
M*0/=1F_N/3,;RG<*+UZ[:ZU4[H) CHJ>(9^U$:(JU37H!T;1XT0IU*]RLL:2
MR$;D@_$:,>!"T8U]W327/I*6%9+Z1.?\]N.TOTO\G[C3E(;NQX8+FRGC*E)+
MZ_M8H+79UK]^0$>X>[5)".Z0"> YHOE]O[B;Y:.V:0M/=U:Z>OOJ[$^UB::/
M)X*4!1^_4) 68U0"@0 "O34-R@2J.8XUFNBW5790JL.C+2A%3XT.AL5I"3I]
MRC(G]J,CB^.]R>+S9Q6; Y"Z_+LBP8*8H[S\%9*]117*UZ>&J7[DQ)SPI^G]
M4:CP_HZN>@Y4;.9 RT/E/C_57[DX1;1<<2XEL+6[Y PVF"6SMI$+M.44? D;
M'X"/ ^.O*(Y<KM\0!.U^!(X?FO3IVQ;@94=N06L7;OM-PKB'"\-Q\<?QTMQ9
M6P.1NI[*-Y9;F4;IG9I ["K&@%>@H-;^Q:$+8!<46/O73*X2.)5?/J8[6\;Y
M9P/,6F)PUHO(+2+U<6\%NF^JL"_IE!5:*#HK&@=Z%R[H](T6/DG )LC;F(RG
M#OCY"EU,Q.VKDT@ :A) .YO9T]NK<V'5&;S5*CV3PDMG+9V&5]&[O4:".*?:
MKI^*ZA?B\PO75#EQ-FX:4U5QB'U8,>%%J-\OA?\ P]BO["_(/ZTG]7_WO[C[
MON\-9':?W']VGZEI_3'9R_T\D7WM+^TRHR%G');7F-E]:"Y0,OHM&^[=U%*4
MK6O2GCK30,A(&.KK&1N;)?-$+B?+.2\QXWQ[F^;O\=/9Y;U;?BV4QL#6D<\2
M3N8RL3%J+(L9"$'XJ$TI31<W$F(8JZL9 V;HUYJ0_P!X.YL_+99N2QW$W&K&
M.F#QF MY+R6ZEH"MU>,JD)%&>B1MU=NIZ"FI;0W%R4MR]%ML(@%M2JN=W.\/
M>7%]P.*W"7,T_#,--=38O*9+"#'3PW'R[ADNY=L:LKBM%C4>0;KIN0=QK1$X
M]OTPY (.J.'!,:,1P[ +E)85S-W:#)YN9I$4-?9$_,W)92>E&D( \J:'DS /
MHJ&[(SN2EQ/R3Y+?86W+BXS&.@6-MF][N +T%:G<XTT2CQ*AV'AHDOYYQUJ>
MEG<4\:BBR+>0&G2O4!Z_KTIE$<4HMS/!)7Y#Q-"/4Y-BU7]LF[C(6GO!Z:;Z
ML>82^C+D4R7/+^$(RM_>S&?"VU]LVZM/ ] ==ZMOFG_Q[G[4SWG<7@=M4MR6
MT< ;E$:RN2:>(VH?9IIO0YI?XUQOI37=]TN )'$PS3R"=!M,5G<OM]NX"/I^
MG2>K!*,6X>"CE_W5X.Z'TKW(2M2@VX^X4=#Y;E77>K%._BW.2'6=[U\3LUDK
M#F "M#)\@^VGF=V[II!>@]0D_AW2CA]-7=B_YGQ_EF/L 3PGB<ELED9X&AF3
M(9!I)9T6<,59/316I2JGW-314)F5OL&B,QH[;C2+'L1=RD_<''Y:3F&.Q$W+
M87MI(,-FX<G;PW>)$9#+%!CYD]"59S4.Q?=448!=/MQ!KQ15TDG: -O$#CVJ
MDUY/S^R[8]S\KS=TQMQR_.I!Q['RS6TL]Q-*[)<-##8MZ<: "K$D]1H7(D+/
MF>H5E:,"&$=!1"*?O)9\7P-M$V'><8FS2UB$ERL2R31J54* A-&;R]FG8 .7
M<$0-=3R6>S8^@)3)XT_)4<[D<WY9RW)P\KSV13(7B1);FPMW]&"WCCZI'$BU
M%!4DU!J>IUN(68XUL" H%DY3E<.Z6J'N$MLGS'E>)P6.B6";,758)IJND1A4
MRRR.J=0 J$FFA;V:(>9J./B5):LFZ=H1*QUTLL*O%1E4[64^[SIK0Q!\4!)P
M[Z)QN K6MX#T5HG#>WHI\-/(<>"CD:K2#ZWN]MQ=_31],7;1+M#/S7B.'Y;R
M^.-514M+"V6&S50OW0\I8D?T=4N-"LI=K(K0K)0[@AFFKZDOQ&O3H!\*CV4&
MBVXI!R46R=T6++N"IY?Y>6@,BZ] I8Q8(\<G[>66"^GCM3S.598L_E<G?/=%
MJ!#99!FDA!4]:CT@5/L8ZRG1>K2N]4R;--D0/^K0K1=0Z7"'3[%W21)]QJ$!
M4D_,W1;-'=84K-($;H0>A#>  \?,^S6MD?7# 4XK/"3%P697O[$]RN5]PKJQ
M[;WF3>7EEO<V!P65BA7YB^MQ.L<L;[BNZ2 %90XZNH*GVZP^?]N8V%E1O0%)
M:#A&?Y$?%;/IW6\G*L>D37CS,>WM_!:\97GW<O$/)&N+CS=DGRN-R,MK'&9+
MK).BK)+#4)O0N65U#+L(K5JC1Q(9DS:Q!;37\/ZH$]W,WS;(\?RB6,%MPUHH
M/F+7*7ET5O6D5:*($A(4[B* .U/\X:&M9$;<QJ45<QIY%L@L%0V^[?9J^[9\
MTYWW0OKFUM\'BA<8?(0?\.T]U<,ZVL;QJ0'*M .M"&KT/35K_+E*0$1WJMET
MZU;M3E<E4!QW\%7/"W-WDH>,I?S>I-<7\+/,?':9D2BD>0(--5/4[H,CV!.Z
M;;: /,K4';)_SLO]E[OO_P"S_GUYY_)_^2W>P?!4N[B]V,CE\SE.+XCD65FQ
M921,ADILA<LUT7D(,,8+T$=.AJ*MX>&O8ND]*]$^I/ZN7+O7EF=FB8,(:'WK
M3'Z7\MB.Y/TKXWC<^Z6Y[=W,W',Y! =MS:11S-=XJ]C -0%26E0.FT^5=#]:
MQ90EZP&FO<B^B9D"38)9]'^04BX5WYXOQ";(<-[G9"3C!LG!@Y3;M(+7(H25
M1V8U](MYCJM?"F@HF$@X/MR5A_'D)DGXJF_U/?45VCM(['-807'/\L]PUK88
M&:YE%JD8D5II+B7;0L8T 44/CI(XIO@A]O:G968<<5J3P0ZXA]2W:'F%S#C,
MI9W7#LE>ND<<F6C26T:5_!?FHB505Z5=0-5^1T:];#Q:0'@H['583.V3ARK%
M'$X\.TC6E@]3T4B':5(\J^/N(U5@1 K16),GXKB]G81LM&L8$6M%3T!3I2FD
MWP'$)PC.6@*X V$+[FOK"%=IZF6(5]E:'2^K;YA*;=SD?<F.ZO,3'("^7L0I
M);<LJ^?N&ECD0YA=Z,_V%-EYR#CT:&N>LJJ""@<^SQ^[IT;D3WIWHD<&4<ON
M;<5MX9&?/6X-!2./<[F@\@!XZELVYW#2)4<QM#N A-F^]-@CR0XZP$^WHLEQ
M,=Y \Q'$#^HG5I;Z3=E5 W.HV84W.>Q1*3NWEKMUBAQ%M'&X(,A,@IT]A/75
MA:Z('&^2K;W5G'D"UL^AS#V/+/I>O98Q'+R>\Y=F9LL#MC%Q+'Z,<47D%/H;
M0FK"_AC:T!HJW&S]MUYG4:J5\E[DVW;? 7UISW"37N&MKD6\5U& MQ"SJ=JS
MPD@L=PIN'GXZH[EL@Z56NQI>HQ>C.LK_ *E>Y$66YEV^RG(WSW ^W><L;FWQ
MUO@+:.3)64-M(!#<21S-&I:XWO(Z*P:E*5\-2C WQ)-3VZ(/*ZD87!!R(\QJ
MJF]QLC9QV=[>\0YC+S#C=O=1@7MTIBNX?438DLD+4*UIM(\F\=&=-B+ ,3%I
M'CP5;U1[C7(2$H_$("K>9"YG2"Q6:YNKCX(K6!#-+(QZ!51 222?(:L)7CQ*
MIA%S1:*=N?IRR/9[MSSONSW!SMK:YRVXK.^+X_;0">2Q:[B_$BN))MH69RZ(
M?3KM^(5U4W?_ "[EN#D1C)^]OP5CC7?XL9R9R0W<ZJ9BG*10?$%8JM0/;3KK
M<1D2J4P!:JE$LR?+R$#<=C$*/$]/ >\ZGW443!V*_.=\RRO<"\X\,Q<(8>$\
M8Q/&K:*,U5+?&0[8(>O[0WEI/Z1IH&$!H-%,15T+,GD'E<VUA&%*@AKJ0]%!
M\=J^>H[]PZ17"-5%+VV@@M;J65FN)1&0F[]IB/,=.FJ^Y;8/Q1$9+5;N1P+'
M=S>!=LN$"\.&MLEB[6]QEU$@=(9+:TB,>^.HW(:T8 UIX:\2Z'U0].RLB_,;
MFD0?^HKU;J'3H]1Q+=N)VT!!Y46=E[@\UP?-\CXOF85M\KA[HVLAB%8J)U62
M$$"JR @J?9KW;I>9'*L1NVS20I[=B\HS,:6-<-N88@M[=Z?N!\WS7;;GG#NX
M6%NXX\KQ+)Q7UM<2QK,%C8&.X4QD $F)WI3K7J.NFYT)3@64F'<$+@)'>MWN
M%9CF-Q=87+V5E<\MMKF-)X.7Y67'V-C;V,U95EALH$!1RL@)-#)TZMK-^1NT
MK773*(U!CK3M0 [Z96*_REVV5O&NK:"R"O"I C5YFWFA\-S "IT"8$%P$78G
M'8Y.JIWW0YIS3NYCN)=LK6^L\'P7#L9Y+&WC9#<Q64<D@FNY26:9XU4B-115
MK6E>NI/7]"!D17\2A<NUZ\HQX'Y! O#1I-G^,VULFR WMFB*/)3("*^_57D2
M>W*1U936HQ%R,1I1:&_F^&_[4B_L7\N^^/ZU_N_]+6&_CW/VGGX+4_R+7[AK
MM\5F]FHY1>WCQ_?CGD('@?O>7O\ 9KW_ $JO'A16.^E;OS=]G>Z6+S5RSMQ+
MDYBX_P ZQZ$$_+SR!8[M1U&^VD;?_H[AYZ>2X<H?(M[X4H14+4'ZA?IZ?GW'
MW/"[N+$9HS"XLK..+?9W4C'HC(>L32D_>3H#XKH*]T:U-Y6SM/P16%]Q78-;
MOC<.?'^JPI[RX.XXYC>+6F0O[*\R^6R.5NLC'C[A;J&S^6].T6T,J@ R(5)?
MH.IZ=-"QLQM1 !<\6YHO*NRN2W2H_P D$5W*:, 13H/+3@$.]5<[L>>4\RX9
M);6F?M+6'BET,=LGMO7E,4B^K%\3-4A>JCIY:\^^XQ9Q,ES G>'H?!;WH-ZY
MD8P&X/$MHZ+-WPGEJ6TLL?)5NI$&Y+:"U@B>0_YH:0$#[3JDAFV-S;&[R65L
M;=S]WN "X?W RTBE[GF%X@;Q6.*W'7WT33CU"V-(!<;,^,S\%)^&=IDY%+G;
M%^0WL]U:6GS=B\H'5]U-E4I0$:U?1L:&59WF(U5!U+-ECW-CFJ 7*#;X&\N+
M65V,L#&.0DGH5_\ 1JS%@1H$)<OR-740R+02V=G).-LAEC=E)ZTD^"GV $:T
M&-8%N':LWEY)O3[EQ:"*$%455*]"? ]-$@,A2%X6T#2PSARGB'IUK7Q'_3IA
M#KEMA_AI-#<]F.X&.<*63FDKP=>H8V%N3M_5U]ND!8DH6^7D!JF+ZR^1<CN)
MN1X2W1KG 6&"CQV$(2,^ME'F5KEX92#(LT)EBB#*?A!8>)T+=-20!JM5T/%A
M+%E<F2XX/[E6'ZINS^:A^EVVS.<]6[S7',IQF.2]N7#732S0^G*\QZ-N9&%:
MZ>+1(+JEN7A(T69F#P,-J)OFU69I31 PZ4 J:CS\-/A!DTE]%/>"<WM.UF4R
M&4P^&QTKWZ1IE/4@!N!;1R*SBUFZM"Q"U^'H?,:!S>GV\D.Y!C4<O%%XV4;!
M+ %]7U\$1OJ@[Y<JR\C]M\4D=MP7/8^PRL^3>/=-DTEI=1M#+6BQ*0%8#J6!
MKJ# LB($OU?))ES))B-%5O!WJ[T$DOJJPI&:4K3SUI[%QU4S@(FB(;W4KP1K
M"OIM<KM0KU/7H#]NCR?*RB JHKC%ACQ/H10JA@5DF/[1<$@EB:DDZ'M@"-%*
M2ZC]P(5(/I$1J?B/M)\-12[$L2H_>)'+'<F3;4JXB!\*TI2GMT)<B'=2.M7>
M$<DQ7)H^RDF#=IK.'CEO"0ZT(9(A%*OGU5HR#KY_S<2YCQRA<H3,GWEPO9L*
M<;EFT8U&T?*ON00[S6_'<[E,U;WF+-[GK;,R/8Y<2&,6UH*J\3A>LHD8"BFF
MVE1XZ])^RL?)MV8SW-;,?I[>?9^*Q7W=?L2D( /.)K+LY(#/Q'' -%);HT<G
MWAU4]? *?+6WFYXK'0E&-0&6EO9_NSW3[U8++</O?E([+@5C92Y7,V<(A:[M
M6D6UBBN&! %2J[MOWNOOU57\6-LO'BK:QFFZ-A&B,"?2WRSG9-QE;*<PRRF6
M.YN7-I9F1Z !5<;F6GBP!]@&@O1G</D%$?'/LX_^X:\N*I-]4MEQ_L]D\5VC
MX7<VO)^>VEW'F.Y')K==L5J(U=+7 VZ!B8T",SSECO-5!I2FC8]-AZ9C*I/%
M5U[J]R]<%P!A'0(9<'Q/;ODEQBKF&TRW%^46Z17=CCX+R*ZBE"BJFW6Y56;9
MX%22WGU&LEU7#R<0,2)6SQ:H[UI>G95C*:0I,<'1L_N9B?\ F\K]W\T_J*?U
M_P#WG[W[WN^[[M4_J2YCZ=O^E6GH#E^K=_J5-\[:RB]OE8#>99=P7P^\?#W:
M]A(7FBA=F!92&-P6M+FJ&G@/(^'@1IH-5Q6Q';WZA.Y//?I2Y'-V^MUSG>KM
M99VF"SLERX1DQ<H98LW K5$\WRT;)LZ4D&XU\#'D2GLE$=_@HL/&MC*M[]#(
M,LVN]O;BPM.&S\GP$"1PX7+8N3)"&031/%G+-BDB;7?81)$/40T()!IUU68@
M,[>FA6M^Z+%JQEB-L$!AJ=W;K3W*J'HON4_YP(Z#KTT3L6>"MQ](:Y?+9_FW
M&L/CY<C//8VV02WB*)0PRM&S,78#P<:POWI9>-JYHQ(^"U/VQDB$KD2> /Q5
MZI>W_-*(#QN1#2A:>\MTZ_\ 7U@P(BFX+5G(C)--YP;DT2[KB+$6Y;P^9RL
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M%-+5JR2HH#@BI7=T'2FTU%.N_0=\[B2O5,&&W#MQ'[ ]/=3M^/ZGHBIWU_\
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M-804_::HW4/44H?;J6+)I4UQ68NIEREV+*UN\GG'2UQ8D5S<VEO'N>5TWCT
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M0*2H\ #U/CIT>H8\!681$>@9\C_M2'?3YJ5Y7AO(<K:/916\)!-%N99@M"/
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MN\?<?BW;_%Y#\G&2D=<EF$B:866.LR\LR(I)8G\/8BEAU(\M"PCNE5:++O\
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MFUFX1V6L-G?&)B#0LID@0T/B-R@^T ZDEE90^FR_?*/YJ2&!@EC<R0.Z$_\
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MOC\P"_S,TL>1=B=[[MJO;,FW?NKLZ;JUUH+,^H1C]+CP_-8K+L]&G,O,QEV
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:V:FB?)%CY?(?\[%_8E/V_O>W]UXZE3%__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>img014_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img014_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    4   _^X #D%D
M;V)E &3      ?_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%
M!04%!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)
M#0L)"PT/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,_\  $0@ ?P)8 P$1  (1 0,1 ?_$ +@  0 !!0$! 0
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MSG)F;K[L5\_J\(Y0[>0HG4@DGI-9>XT/J- T/J- T/J- T/J- T/J- T/J-
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MO=ONF/2$G1;<R(XI !]/>M!2=*&*&Z@YEBER X/(8*U:Z=VMT-+!_%+FZ?\
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,40D@I]%$=GH%!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>img015_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img015_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    4   _^X #D%D
M;V)E &3      ?_; (0  @(" @(" @(" @," @(#! ," @,$!00$! 0$!08%
M!04%!04&!@<'" <'!@D)"@H)"0P,# P,# P,# P,# P,# $# P,%! 4)!@8)
M#0L)"PT/#@X.#@\/# P,# P/#PP,# P,# \,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,_\  $0@ M0%* P$1  (1 0,1 ?_$ ,,  0 " P$! 0$
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MJZ3*S/%>?R/_  Q?U)8O]R?NM+E+D^1_X8OZDL7^Y/W6ER7)\C_PQ?U)8O\
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MH&@QM='0T#05ES5^9KESXE7_ .+G]0ED\*?F:XD^)=#^+F-8<Y6;H&@P;/\
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MZ!YP7$QMQF1-3M^J. Z8JOK*N@BV:<34U]C5Q14-?1U9WMY\(K8;*M2QBR[
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1H&@:!H&@:!H&@:!H&@:#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>img016_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img016_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ 6P"J P$1  (1 0,1 ?_$ )4   $$ P$
M      ,"! 4&  $'" $  P$! 0                $" P0%$  ! P($ P0$
M"@D% 0     !  (#$00A,1(%05$&82(R$W&AL12!P5)B<J*R,S0'D='"TB-C
M%18FX4*"DC8D$0$!  (" @(!! ,          1$"(0,Q$D$$(F&!,A-1H4+_
MV@ , P$  A$#$0 _ .TB3$XJF96I ))3()[JT0#=Y*9$!QKFF!6.P0!V$H,Z
MC)P2"&ZVO+:VVRW\^9L6N8Z XT+J,/A'%3O<*TEOAS3<;R9T[7P0231ENKS!
M1K:?\J+GM=$Z[4;_ '9M4+M%P^2 DT_B##U$I>P]*F;#<+6^@\ZTF$T61<TY
M'D1F$\HL.P7<R@"-)YJH&ZGF@,J>: VTFN: 74\T FY<1L^XXG[G]:7R;GUZ
MYPBM<3P^RF<#U.YGP(#T"V3%;.<=CJM3)A(* $_) -I<DX5"!Q*J$-&440X8
M4C0W6W64/2VQF^\L37DSQ#9P$^*1W$]@4;[87IKE4>FNF]VZA>=]WVY=+,XC
MRFN!H.)8P?[6#L6%R[-=9(M&X[-:P6CXV@T. &1'8L]N&VDCFO4?2UE.\C52
M0G!U*XK.[-?ZI5?Z8NG6'43=NN&&.[>?*;/'X96G%K9&YGL<,BM)LYNS7S'1
M%HYBVIAM 8@,0"D!ESCL^XGE$E3<]OR?+M/@^R@R:.[/ @.\@D$A=#F'B?W4
M 74@$O((3@IO)DF1OQ3(5B9'+"D:D_FOT_)N-KM5Y 2;FVNA"&D]P1RCO./H
MTA9=DX;]5YPL.U3-M;&WBC T1L :W)<MKOFH&Y7<TKGL8TG D&E!3AFHVVRU
MUUPI>]1SX!S@ZF)(&"RVKHUG"'CV>*7=;'<9&ZV1.8R,@5/FEPTU^;I))]"O
MKKE[XL<5Q%<,$T)K$\G23G@:8KHUVS,N'LTNFUE$"I+9/) :0&#- +)0";IQ
M&R;B?Y8'Z2D;G^X.&FU')H/U$9,32/J)D[L]A!)6[GPW$>Z@":D!A)HG!0GX
MJB <,4R$8@CAAQ0:O?F#"UVV6<CB8VQSN<ZX%?X8$3G#_LX +F^QM9AV_3ZY
MOF?.#6XW1FV;9#++WI QC:T)JYP H!F2>2YMJ[-(K#>M3O&\-VAD<]M=OJ&1
M2QEFJ@J1J.2G;+;6R17=WZDOSNSK&*U>^2.@<<F?1'H4R+VMB;VZ:>?8=PU,
M\NYBA=+&2:_Q&U:,N%"0EGA'K^4R>[9&(MOMV!NCN!SFG"CG8N'Z2NG28D>=
MW[^V]OZG0*MDW5 :J@,!0"R4 F]--AW(_,'M"5.*!N(HRV^B/L)X&1Z?80'>
MY69K9@&QN"98;R* T2@4AQJJR6 3FG"%:*ID,U )W+;8=TVV>PFP;,!I<<:.
M:=333L(4=FGM,-^CM]-YLK4YF@A<RZ:6N!- YI!!;@'-)Q]!7GW,\O5TQM>*
MA>F[BS=U'/.Z(>7&VCKN0BNL<"YV6' ):W-:]FN)%5WA\<6\RD-;)$^1[RVO
M?I7 @=BSVU;2I/:;JWE$K!1T<\18TC@ 6D5['4(5:3G#G[]L3,^$CJ74\JE:
MDPS4@,U(#8.* 4@,O3_CVY?0;]H)4U"W(=VV^@/L*A#G3]A(W?YF8E;9<X(;
MW4$20F""$ @YIP!G-5$T1J9#-S" <,*8076\.JQMYF.TS OB:0*]TLJ?A%,%
MR_:TS,NWZ7;BXOASS8OZC!M]S V*&ZM?,>-;W$/>*U#C4.#L^87)I>'IWRJE
M[[U<7$S6,%LPGO2AVJ2@.30 6M].I*XC7D[V,[DRZVZRL(S-<7%XV)[78_\
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M+V+J47/3PW.[,+9&:A(R!^MFH&C0#GWEEIK[>&N]]?*M4EO[N2X>=4TSJT'
M'_1=^NN)AY^VV;FG5O;5.AHKI.('-5(E,6MG(1J#2",N:9']P1N,46W;D:M;
MA!="GF0N/*N8/%JY._HEF8ZNGMLO*J;C8W&W7\]E<$&6%U"YOA<#BUS>PA>=
M9AW2Y##D@<S'_%MU_P"(];4'5'W0?Q(*\(_V0F()0?43-Z+?Q5L FC!!$N3
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E?XFL]/[+OLOO6\^87+/+H5#=M/O<67A//Y03HC?=[/!VI&__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>img017_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img017_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ :@'T P$1  (1 0,1 ?_$ +,  0 !!0$!
M       $ 0(#!08'" $! 0$! 0                $" P00  $# @(& PP%
M!@P#!@<   (! P0 !1$2(3'2$Q0&05*346&1(C(S4S14%34'<4)BDB.!L>)C
M%C:AT7*"LL)#<R1$9#?!HE6STR5UE5;#=)1%9787$0$  @$# P(% P0#
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M)09T)CY9='\VEE*M'O&@<PPSB)8=S,F-5%] H% H% H% H% H% H% H% H%
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M1T_1GDRK*8COE$.T@V>-!8CQHSC@-1@%EI$R: '1ACEQK#T1$1%0YCF9K?\
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M;*>'API0R-WBTN>1,:[Z*2"O@+"E"0DB.HH:/-J!>26<<%Q[BXU!5QIET<'
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>>@[N9_NC;]>J/Y[U;S/^9_\ R'H?L41ZE0*!0?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>img018_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img018_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ D@#Z P$1  (1 0,1 ?_$ *4   (#  ,!
M       & P0% 0('" $! 0$! 0$               $" P0%$  ! P," P(&
M"@X(! <!   " 0,$ !$%$@8A$P<Q(D%1,C,4%6%Q4F*R(W,T-1>!L4)RTE-4
ME+34=94V5I&28Y/3)!8WH<'1LX*B0T1D=(2D$0$!  (" @(" P$
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MX"$-TXI=+UYK'V-=LS+R!KJGN6&]&6?(95C#!*@;E$D%'%R+CA!C4[HH@\Y
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M$" XCT5L252%6G$0=0FBZKV\- P4!0%!Y:O3;.N(]%?%AQ&PR?/R)DAGD_6
M.(PS(!4X"P1CY5_(33PH->;L>:_L_9^$1B.JX>5C'LDPMD:4(H6?TI:Q7+C:
MW&@7X/3;<L7$A"?BQISC[+D2,XX[9,5_F'3!Z/PNMP<!;#94443R:"W%V#N"
M%F)&1DPX^<CN39)!!D."*?'BT@S>(J'-^+5"&W!/)H,O;_2?<<:-BXV19BN1
MXTO$O2F.9K;5N%'D-O(B$G>[SH61>U**Q<K@)^!P#VWLG!:RN7RN*/'XIDU,
MO1G51T ",6@D5#UB2V45'P\*!\V=L_.X?=9RECLAC'6".2^\HNR"D.B"J+#J
M6=%L2%45MRXIPT41Z%0% 4!0%!%504%;)?1LOY!WX"T&;T[_ -O]L?LF#^C!
M44P4$+LMALT BN9*B(*<5XUJ:VL[;R$;II/>#8V/%M$%"<F%=>*\9K];TTCG
MOV7/P8#D/GY;A+]G_I76:R.5VM<,<9#=^/>'[=+PA6Z9HG^@,'\BY_WW*SIP
MUOR9;)6V'<7' 6XFHK["U,++6)L*:ZU"RZ60A]>Y?@O_ -URN<TECK>RPX,3
M&7N"+I/W*_\ *LW2QTUWE3UAHC=4]M9K/QH$:%CUR$0>8LIMJ4,%Y'!-IV.J
M/*)$H(XUJ($M=4'Q5%AKVPF4';^/#*Q@B9%M@&Y,=HA)L3!-/<4$$=)6NB(G
M#LH-.@* H"@* H"@* H"@* H"@* H*7(F?E:_P!T%4'(F?E:_P!T%!6R+$OU
M=+O*54Y+ETY8)]PM E;&VYO=S9&WW6-WG'8/&0R:8]7Q21L%C@HAJ)+KI3A=
M:@O.XS?"*HAO1U43@I>K8:_T5TG77+;M\(6\#O171MO$]2DG'U7"[;UNZUS]
MIX+G3_"[L<VA!<8W2<9DCE:&$QT1S3:6\B]X^/>)%+[-365K>S/!A]0[S_G
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MI%5\27H%/ZPXVF_H+O9?RQK7JS[&=J0KL,)  JJXVC@MW2_$;H-ZRT3(/5O
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M6O;WKT#%]4F!_'2?H#_3?GW/FWC[?*]]VT0Z54%!6R7T;+^0=^ M I[.5?\
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M+)MDUIY+XH9+P%;I0+\OJSD\KAG%C7CK-2/*@/QX\UA6&DF,@;3STEMMMTC
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M]2MN1IXY!,!,Q[4J5,@..\\7!$83\>,D@F$-0NX<@!-4[_WR<:*=^H&7QL'
ME$R##<IG,$6.Y#[WHS!(ZRX;G.?L7*!&FCN2(M$(>>SG3>3Z?/*"XV^(-HN;
M%4DQ.>;$-UL&E9D"3A<IMDA)NWDZA)%XT&5MK>&R<#,''M8"=(BX%2D)GN:V
M1.>@8^/'*6K*.#W?1I79[FRHBFMD*]U$D(4).Q4NGV:(YH"@* H"@* H"@*
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M5\V_@^3YCYG]'P>W^U]U_9\N@^F&?,M_>I]JB.] 4!0% 4!0% 4!0% 4!0%
&4!0%!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>img019_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img019_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@"^0)8 P$1  (1 0,1 ?_$ $X  0$! 0
M       ! @@! 0$                    "$ $
M$0$                     _]H # ,!  (1 Q$ /P#HU2$
M                                                           !
M00
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                               &@
F                                               ?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>img020_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img020_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ 0@&> P$1  (1 0,1 ?_$ '@  0 " P$! 0
M       $!0,&!P(!" $!                     !   @(!! $# P$' 0<$
M P   0(#! 4 $1(&(2(3!S%!%#)187%"(Q46,X&14F(D- BA@I(E0X,U$0$
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CH&@:!H&@:!H&@:!H&@:!H&@:!H&@:!H&@:!H&@:!H&@__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>img021_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img021_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ 0 #0 P$1  (1 0,1 ?_$ *0   $% 0$!
M      < ! 4&" (# 0$  @,! 0               P0  @4!!A   0,# P$%
M! 4("00#     0(#!!$%!@ A$@<Q46$B$T%Q@10R0B.S%9&A4F)R,W4VL<&"
MDK)#=#4(\.%C%K0E-Q$  @(! P,"! 4$ P        $" Q$Q$@0A03)1<6&!
M(A.1L4)2,_#!(Q2A<@7_V@ , P$  A$#$0 _ +=B&4X/=+U$M=QQ6''3+4EA
MN2V2JCJO*GDE0&RE;=NVCRBTM3*INKE))Q04+A@W3Z! DSI%EC"/$:6^\4MU
M/!M)4J@]NPT-28]*FM++2!F<[Z2<Z#$B6Z_2*6@:>[E_7HFR7J)?[%/[2>L4
M;HGECHC1X ASE_0C.*<CN$_J<%EM79V _#57N06"HLZ)=1CEG0?TV')6-R5N
MJ0"KY"005*]M&W!Q%>X*'QUV-OJ4MX/>(('FG675LNH+;K:BAQM0HI*DFA!!
M["#HYFM8$TTXZXAII!<=<(2A"02I2B:  #M)U")9"5$Z:6/';0B]YU)6WS_<
M6B.1ZBU4^@I0.Y[PD@#VJT)S;>$/QXT8+=8_D1KG4BT1' +)B=J8902$+F-&
M2]3LJ5U003[SKNQ]V#?)BO&*'MMZBX=/=#.38K!2V[LY,@-!M:?94I^G3W+K
MX'7'!K1EX\F#\XHE<FZ-V^9;!>L+D_,QW$%U$)2N86G_ ,+AWJ*?17O7V^S7
M(V=F7MX::W0*3BF0V*S*=CWNP-71*G/.MTE+K0&RDI!%/@::O)-Z,6JLC'I*
M.0W)Q' I5A-WM5BB34N1U2(C5.'J$)*DHKYN))V[-CH&YYU-3[5;CE13,]WZ
MY0[E<G)42 U;6%!(3$9)*$\10FIIVZ92P8UDU)Y2P=X]=H5KGF3,MK-T9+91
M\L^2$ D@\MJ[BFN263M4U%Y:R&/(4=.\>QJ%<[IC<9NY3FTJ9M2:%?,I"E J
M(%$HJ.1XZ"MS>II6?;A%-Q67V!!=9*+_ 'I'X1:40E/\6F;?%JNJN\;#<Z,N
MBZF=-[Y?2L%\C=+L>QRUHN^=3B@J_=VR,?,I5/H<AYEGOXT _2IH>]OHAM<6
M,%NL?R(J1U#Q:&?3L6(0$M-_NGK@GYEPT[":[@_VS[]6V/NP;Y$%XP7S/L?J
MA:7W$_C.(VJ2@[*7'9#*PGP*@YV>_7/MOLR+E)^446:[8OTXR#![ED&-Q/EI
MD1E3RD)6L*:4WYU(<:Y*0*I!W&W=JJE)/##SJJG6Y10)[)<(MONC$R5";N,=
MKESAO$A"^2"D5(KV$U^&C-9,^N2B\M9-!XWC'3Z^8]$O3=BC--26RXIOCRX*
M22E::CMXJ21I9R:>,FQ777**EM0)E9]C'(\<,M_&NU5+K3\FC;'ZF?\ [$/V
M(?V7.>G[TUMF[XE$C17#14EDE?"OM*"*D=]#7P.N.#[,O"^MOK%(A^J=D@VC
M+WFK>A#5ODLLR(K;?T A: D\:>PJ03JU;R@7+@HSZ:$!CRE)O]L4DT4F6P0?
M$.)U:6@&KR7N:@S3^3K]_#I?W"]*QU1N7>$O9F3]-F =(6M"TK0HI6DA25)-
M""-P01J$--],,H=R+$X\J2KG-CJ,:6OVJ6V 0L_M(4DGQTK..&;O&MWPR]08
M=>+%'A9#$N;">'XFTKU@.PNL<4E7Q2M-=%J?00Y\$I)^I)="</:>6]DLQL*#
M*BQ;TJW 73[1SX5XI^.N6R[!.#3^I_(I74W)7[]ELQPK)B0UJBPT5\H0VHI*
MA^VJJM7A'"%>59NF_1%4U<7%J$"OT)RMV/='<<D+)C2PIZ&D_5>0.2TCP6@$
M^\>.@VQ[FAP;</:SYUVQ1F%<(^014!#<]1:F)'9ZZ15*_P"VD&ONK[=2J78G
M.JP]R[DAT&RP%,C&9*]Q61;ZGM'^:V/\8'[6N6Q[E^#;^EE.ZLXK^ 94\ME'
M&!<:R8U.P%1^T1_95^8C5ZY90MRZMD_@Q=*L89O&0&=.XIM%G3\W-6OZ!*:E
M"5>%4\CX ZEDL(G$JW2R]$1F>96]D^1R+@21%2?2A-'ZK*3Y=N]7TCXG781P
M@?(MWRSV"KT2P]B!9SDDU ^;F!0BJ5_EQT[%7@5D?W:=^A6RR\&APJ<1W/5@
MISK*Y.39#(G+63$2HMP6CV(92?+MWJ^DKQT6$<(S[[7.6>Q7M7 BU"%BPO+5
M8[*F%QI4B%/C.19,=*N/+F/*K<'=/]9U24<AZ+MC?HRNZN -)=*?_P PMW[$
MK_Y#NE;/(VN)_$OG^9FW31BBU"$E>+]-NS<!$I+8_#HJ(3"D @EIJO'G4FI'
M(ZJE@O.QRQGLL'%@_P!]MW^J9^\3KLM"5>2]S4.:?R=?OX=+^X7I6.J-R[PE
M[,R?ILP!:A \_P#']EQ.,W!TU]-<PI0/95+2*D?WAI>W4UN OH?N0/\ R$N#
M+ESM$!)!=C-//.#N#ZD)3]T=6I0'_P!"75((G3F*F#T^M*6DT)C>O3MJITEW
M^E6A3U'>.L5KV,PJ4I2BI1)434D[DDZ;,(^:A!:A":PN8N%EUGDI-.$QD*/9
MY5+"5CXI)U62Z!:)8FO<.W6F.AWI_-<4*F.ZPXCP)=2W_0LZ7KU-7F+_ !LS
MW9[K+M-TBW*(KC(B.)=;[CQ.Z3X*&Q\-,M9,>$W%IHT#F]IC9W@+4^V)]22&
MQ,@ ;JY 4<9]YW33](#2\7M9L705M>5[HH.8.HPW"HF'1E#\5N0$J]NI-2 K
ML;J.\IX^X?K:O'ZGD4N?VJU!:O4&&C"!J2](%JZ=3&HWE^4M2VV2/9Q8*4GX
M=NE%U9O3^FMX[(RWILP1:A!:A!:A!:A#2O2-'J=-;6BM.:9*:^^2Z-*V>1M\
M3^)?UW!<[T3OS;JD&[VD%)(HN0XE7Q'I&AT7[J$7P9>J)>%TV>Q_#LEG7"1"
MG+<B<8YC5>#:DFI4%K2GB=_8-<<\M!8\;9"3>'T!)HQFC^P?[[;O]4S]XG7)
M:%ZO)>YJ'-/Y.OW\.E_<+TK'5&Y=X2]F9/TV8!.X[A.2Y!(;:M\)PM+(Y2G$
ME#*4GZQ613X#?57)(-71.;Z(.,F]8UTSQ2/;"Z)$UILEN*D@.O.KJ5.*&_!!
M5[3V#85T##DS4<XTPP9_O=YG7JZR;G.7SDR5\UD; #L2E([DI  TPEA&19-R
M>6:,Z37-N?@=M*35<5*HKJ>VBFE$#\J.)TM8NIL\66:T9XR>U+M.0W&VJ3Q^
M5D.(0#[4<B4'XHH=,1>48]L-LFB,U8&+4(3&'PW)F5V>,A/(N3&.0_5#@*C\
M$@G59:!:5F:]PV==+HU&PU,(G[6?(;0E/MXM?:*5\"E(^.@5+J:?.EB&/4SW
MIDQP[] +@^]C]PA.**FHLA*F:_5#J:E(\*IK\=+VKJ:W EF+7Q!=U+DO2,[O
M*W5<E)D%M/@EL!"1^0:+#00Y3S8RLZN -4VYUK)<$;X*!%TMY:6:[!;C1;6-
MOT55&E'T9OQ>^'NC++S+K#SC+R2AUI10X@]J5)-"#[CIHP6L=#C73@M0@M0@
MM0AI/I.HIZ8VU0-"$2B#X_,NZ5L\C;XG\2^?YF;5*4I14HDJ)J2=R2=-&(35
MCRB5:;5=[:VV'6;NR&7.2B @@GS@#8G?57'+"UVN,6O4A-6!#^P?[[;O]4S]
MXG7):%ZO)>YJ'-/Y.OW\.E_<+TK'5&Y=X2]F JU]8LCMMKBVZ/"MY;B-(9;=
M6RX7"$  %1]0"NW=H[K3,N/,E%))+H$+'#GV96IFXKR./;[>_4.,VYG[9)!H
MI"EN44VH>!/QT)X3T':_N6+.["^ />JN"/XW<VI33STN!.&TJ0KU'?62/.EQ
M=!4J^D/^VBURR)<NC8\ZIE$T04+_ -),]:QNYN0K@OC:9Y'-?:&71LES]DC9
M7P/LT.R&1SB7['AZ,M_6;!'KFAO)[.CYAQ#83-::'(N- 50\FGTN(V/A3NU2
MN>.C&.91N^J($=',L6H0+71W$Q!]7,[U2) BM*^26[Y:\A1;V_U>)XI[ZZ#9
M+LC1X=6/KEH5'J1FJ\JOQD- HMT4%J"VK8\:U4M0_26?S4&KPCA"W)N^Y+X(
MJ>KBX;_^/;:Q:KPX1Y%/M)!\4H)/^(:7NU-7_P _Q?N#3J.VMO.KVE8XDREJ
M \%>8'X@Z+#01Y/\C*WJX *O1OJ''M:CCUV=#4)Y17"D+-$MN*^DA1/8E9W!
M]A]^@V0[FAP^0E]+/?J_TUEIFO9'9F"]'?JNX1VQ52%_6=2D=J5=JNX[]G9*
MY]F=Y?&>=T?F"/1C.%J$"-TOPMEY,C*;['!L5N:<=0V\D*0^I*37RJV4E _*
MJGCH4Y=D.\6C]<O% ]?=]5YQWBE'J**N" $I%36B0-@!H@FWEFD>DS2E=-;6
MV?*5ID@5_6D.T/Y]+6>1M<1?XE_7<S8M"D**%@I6DD*210@CM!&FC$.=0A:L
M;PHW''[OD$]Q<6V6YE18< %7I'U6TU^K6@)[R/'5)2P\#%5&Z+D]$0E@_P!]
MMW^J9^\3JTM 57DO<U#FG\G7[^'2_N%Z5CJC<N\)>S,GZ;, OW2+-O\ U^^?
M(RW.-JN2DH=)[&W>Q#G@/JJ\-_9H=D<H<X=VR6'HPZY5CD+(K')M4O9+PJT[
M[6W$[H6/<?RC;2\7AFI;6IQPS*]VM<VTW*1;IK?IRHJRVZGV5'81W@C<'NTV
MGDP9P<7AC372I;<2ZG9/C2$QX[J95O'9#D54A.^_ID$*1\#3PU24$QBKE3AT
MU1,SLVZ:WIPR;QB[L>8O=QZ"\!R/>0/122?$5\=549+1A97U2ZRCU^ U;RGI
MI;7/7MF,.RY"3]F;@_R;2>\MCU$J^.N[9/N<^[5'JH_B0N59[D>3+"9[X1#0
M:M06!P933L\NY41WJ)UV,$@5O(E/70KNK@!Y:94"+<&I$^$+A$1R]2&7%LA=
M4D)\Z/,**(5\-<9:#2>6LH(]HZVP[/$^3MF,L1(W(K+;;Y%5'8J)].I.W:="
M=6>X['FJ*PHD5DG4BP9 77I^*L*G+;*$S$R7$K! HE1X(1RX]Q]VK*#7<I9R
M8SUCU]R@Z()BU"%SQ7JME>/-(C(=3.@(H$Q9-5<4]R%@A2? 5(\-#E6F,U<N
M<.FJ)29G73>\J+UXQ13$I1JMZ$\$E1/:H\?1!/OKKFR2T85WU2\H_@>,?)>D
ML!SUXN,RICR=T)F/ MU\4\G$GXI.IMEZG%;2M(LXR[J]>+_:W+3'ALVVVNA*
M5MME2W"E)!".?D2$[=@3KL:TNI6[F.:PEA%9QU_%F7'C?XLJ4@\?ETQ7$MT(
MKRY\AO7;LU:6>P&IP7DFPI6SKABULM[%OA6>4U%C(#;+?-!HD>)))T)U-C\>
M="*PDRL7K*NEEWENS'L?F,27B5NN1WDM\E$U*N-2BI]NVK*,EW 3MID\N+&T
M*]=)8SB7%V"?)*34)?D)*?B$% .NM2]2JG2OTL=YYU/M]]QUBQ6> JW0T.)4
MZV> 3P;!X(2E&P'+?X:Y"&'EEK^4I1VQ6"EXZA2\@MB$BJE2V !XEQ.B2T%:
MO)>YJ++VUNXE>VD"JUP)24CQ+*@-*1U-VU9@_9F3-.'GQ:A#071[/4WJUILT
M]S_[6 @!M2CN\PG8*W[5([%? ]^EK(8ZFQQ+]RP]4?>KG3Q5_A"[6UNMWAHH
MMM(W?9&_']M/U>_L[M2N>"<OC[UE:HSZI*DJ*5 A0-"#L01IDQSYJ$+1;,(<
MGX1/R=N4?4ARD1$6]+16IU2U,I!"PK8_;]G$]GCJCEAX#QHS6Y>C(ES&LC;0
MEQRU3$(6L-H6J.Z I9- @$IW57:FN[D#^U/T8U3;YZC("8SJC$J90"%'TJ&A
M]3;RT(]NNY.;7Z:'K-LMX@LMOS8$B*R]^Z=>:6VE=17RJ4 #MW:B:)*$EJAR
MC%<C+T5IRVRF/G'$M1UO,NH0I2^RA*=]M]O9KFY%E3+*Z/J>ETQ#(;==I%K7
M#=?DQBGF8[;CB2%FB5)/$$A1V!IVZBDFCLZ9)XP-G<<R%I#ZW;7+;1%WE*4P
MZD-"G+[0E/EV-=]=W(JZI>C/-%EO"X!N"($A4!->4L-++(IL:N4X_GU,HYLE
MC..AVQC]_D,^NQ;93K(1ZOJH8<4GT]_/R":<=NW4W(ZJY/LQS-Q.\P\?AWYY
MJD"<I26B KDGB:!2ZI  7]4UWUQ26<%I4R45+LQ]8,.B7*QNWF=>&;5%;E?)
M@O-K7R<+?J"G#]6OY-<<L/!>NE2CN;QU.;Y@5\MUT:A0VU7=$F.B7$D06UNI
M<876BZ)!([-133.6<>47A=?8A?PFZ^H\U\D_ZD=242$>DODVI9XI"Q3RE1V%
M=6R@6R7H2,C#;]'L3-Y<CJ$=Y\Q@SP<#J5"@!4DIH$J4>(W[=M<W+. CHDH[
MAE)L-\BQC*E6Z4Q%"N!?=9<0WRK3CR4 *U]FNY11UR2RTSF19+S&CM29,"2S
M'?(##SC+B$+)W 0H@!5?#4RB.N2U3.T8[D#CZ6&[9+6^HK"6DL.%9+=.=$A-
M?+R%>ZHU-R)]N7HQK*B2HCZX\MER/(;V6RZDH6D^*5 $:F2KBUT85\6QOI9:
M+G$NK^3MRWXJDO-,J*4(#@W25?2)XJW&_;H,I2?8T:JJHM/=D([G4/ G$*;7
M>8JD+!2I)7L0=B-#V,<^_7ZH#F4XCTZC0)DVRY&'GFQRCV\E*RHE0\H7Y3L#
MW:-&4NZ,ZVFI)N,@?:*)#B!/F6^8S-A/*8E,*"VG4&A21_UN-<:R=C)Q>4'7
M$.MUCGL(CW\BW3P %/4)CN'O!%2CW*V\= E4UH:U/-C+RZ,89OAN"Y.\Y=;/
M?[?"N!'*3]NT67"0?,L)55"C[54W[J[ZD9-:HI=379U4ED#ET@&WSWH9D,2_
M1('S$5?JLKJ :H6 *]NCIY,V<</&H4^G;B&^ELUQQ00A%]AJ6M1H !(A$DDZ
M%/R^0_QOXG_V7YH\;WEDQP9TK\3]41Y,%=H070I(]&6% L)K38)!/'XZBCH2
MRU_7UTQC\1]<\FQ.WB%=6'$*.4SH<V[LH(46&8P0IQ"TIJ?WQ*B/K;]NN*+?
M3T+RMA'#_>UD^Y?>0U;[D42(,F/<9;*HCKUS5*I1T.(>;C\"&TI[%I!&W>-<
MBCML\)Z=7ZGMEUYCB$Q=)%W;C3TW",ZVS;[BN4Q(;30+=2T:%D!"CLG;OK4:
MD4=MFL9;ZY6C&]\O+T"ZYE<8UY9<<E0HZ[6\Q)2XI""[3TT;U2H5)H.^NNI:
M%9SPYM/LL'JWE\B7.2Q+NB7(DC% Y(:4X@-JFK1Y^0V'J'N[=<V_F=5K;PW^
MC_D<C(K=\A#NEN=B.6R-;0R[#?N2HR 4ME*XZH80M)6JM ?;W]FI@M]Q836,
M8]?[$;8,F7'NV"0DW,,VU,%1FLAT):#G%P#UA6E>R@5KK6H.%F'!9Z8(7(IQ
MG=,H3;-T;/X?,D-RH*GZ.+07J,)0U7SI0D@I[AV=FK17U K99JUT8SL.01K3
MTY>K$@W%]=X32'.1ZH"#%/VJ6PI"J@CCR\==:S(I79MJT3^KO[%AQ3*_QV+?
M)MPEM1;@AF.Q"MC4M5KCICM%1JAQ)Y>3DK:I[CL1JDHXP'IMWIMOKZ9P.,DR
M1,-[,IMKN*$3'(=J3&?:=2I:CR"'."A])0034@5';MJ16AVVS&]I]<1(>U7.
M1/P.VAV\H]6#>$.3(LB24N+9*D% "%GSA*O-3WGV:ZUAE(2<JUUTEZDVG*XS
MUUS+\6GB7:X\F$8T9;@6VIEJ5R6&45(/E&_$:KMZ+ 56K=/+Z+![95>V$QKK
M(3(B3(%Q<9$<JN9>4074%"V8A1Q;+?MW%*:D4=LFNKZ8?Q_L>;>57&1GN0L)
MN$63;PUZ$6-(FJB!2%<2H17VZA"MJJ([?AKNWHCBM;LDLK'OC\"A=3_D/_:W
C3#N"KBCTF@XZM[YC@X$T4TEWZX33M_+OHE>@GRL;^CR?_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>img022_v1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img022_v1.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ )0#F P$1  (1 0,1 ?_$ )T   (# 0$!
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M36@Y%$8&;'5Y5Y;$='=S]6M;=#AQ>]>:-=[PWH+)=H<K[BA3W9#&QJX30)Y
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-0!H T : - &@#0'_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
