<SEC-DOCUMENT>0000949377-23-000010.txt : 20230228
<SEC-HEADER>0000949377-23-000010.hdr.sgml : 20230228
<ACCEPTANCE-DATETIME>20230228161054
ACCESSION NUMBER:		0000949377-23-000010
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		29
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230228
DATE AS OF CHANGE:		20230228
EFFECTIVENESS DATE:		20230228

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:		23685321

	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>
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<SEQUENCE>1
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTERED MANAGEMENT INVESTMENT COMPANIES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Investment Company Act File Number: 811-04875</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Name of Registrant: Royce Value Trust, Inc.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Address of Registrant: 745 Fifth Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, NY 10151</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Name and address of agent for service: John E. Denneen,
    Esq.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">745 Fifth Avenue</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, NY 10151</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant's telephone number, including area code:
(212) 508-4500</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of fiscal year end: December 31</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of reporting period: January 1, 2022 &#8211; December
31, 2022</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #3C7A7B"><B>Royce Closed-End Funds 2022 Annual</B></FONT></p>


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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">Review and Report to Stockholders</FONT></p>


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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">December 31, 2022</FONT></p>

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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Royce Global Value Trust</FONT></FONT></p>

<p style='position:absolute;top:350px;left:90px;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: 12pt">Royce Micro-Cap Trust</FONT></FONT></p>

<p style='position:absolute;top:375px;left:90px;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: 12pt">Royce Value Trust</FONT></FONT></p>

<p style='position:absolute;top:450px;left:90px;height:33.625px;width:362px; text-align:left;padding: 0in 0.1in 0in 0.1in;'></p>

<p style='position:absolute;top:575px;left:90px;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">&nbsp;</FONT></FONT></p>

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<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt; color: White">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; color: Red"></P>

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

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<TR STYLE="vertical-align: top; text-align: justify; background-color: Black">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">A
Few Words on Closed-End Funds</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Royce
Investment Partners manages three closed-end funds: Royce Global Value Trust, which invests in both U.S. and non-U.S. companies
with market capitalization below $10 billion; 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; text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Arial, Helvetica, Sans-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">
<TD STYLE="width: 0%; background-color: rgb(230,234,237)"></TD><TD STYLE="width: 15pt; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><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">
<TD STYLE="width: 0%; background-color: rgb(230,234,237)"></TD><TD STYLE="width: 15pt; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><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">
<TD STYLE="width: 0%; background-color: rgb(230,234,237)"></TD><TD STYLE="width: 15pt; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><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">
<TD STYLE="width: 0%; background-color: rgb(230,234,237)"></TD><TD STYLE="width: 15pt; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><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">
<TD STYLE="width: 0%; background-color: rgb(230,234,237)"></TD><TD STYLE="width: 15pt; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><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 1pt 0pt 0; text-align: justify; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Why
Dividend Reinvestment Is Important</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><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 59 and page 60. For additional information on the Funds&rsquo; Distribution Reinvestment and Cash Purchase
Options and the benefits for stockholders, please see page 61 or visit our website at www.royceinvest.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Managed
Distribution Policy</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><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 (MDP).
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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: rgb(230,234,237)"><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; background-color: rgb(230,234,237)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
page is not part of the 2022 Annual Report to Stockholders</FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Table
of Contents</FONT></P>

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

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding-top: 4pt; padding-bottom: 4pt"><B>Annual Review</B></TD>
    <TD STYLE="width: 6%; text-align: right; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #3C7A7B"><B><A HREF="#cefa001">Letter to Our Stockholders</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt"><FONT STYLE="color: #3C7A7B"><B><A HREF="#cefa002">Performance</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt"><B>Annual Report to Stockholders</B></TD>
    <TD STYLE="text-align: right; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #3C7A7B"><B>Royce Global Value Trust</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa003">Manager&rsquo;s Discussion of Fund Performance</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa004">Schedule of Investments</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa005">Other Financial Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0in; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: rgb(60,122,123)"><B>Royce Micro-Cap
    Trust</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa006">Managers&rsquo; Discussion of Fund Performance</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa007">Schedule of Investments</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa008">Other Financial Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0in; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: rgb(60,122,123)"><B>Royce Value
    Trust</B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa009">Managers&rsquo; Discussion of Fund Performance</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa010">Schedule of Investments</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#cefa011">Other Financial Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #3C7A7B"><B><A HREF="#cefa012">History Since Inception</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">59</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #3C7A7B"><B><A HREF="#cefa013">Distribution Reinvestment and Cash Purchase Options</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">61</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #3C7A7B"><B><A HREF="#cefa014">Directors and Officers</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #3C7A7B"><B><A HREF="#cefa015">Notes to Performance and Other Important Information</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="color: #3C7A7B"><B><A HREF="#cefa016">Results of Stockholder Meetings</A></B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt">66</TD></TR>
</TABLE>
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<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 2022 Annual Report to Stockholders <FONT STYLE="color: gray">|</FONT> 1</FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 22pt"><A NAME="cefa001"></A>Letter
to Our Stockholders</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="cef003.jpg" ALT=""></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-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:49%">
<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: 11pt; color: rgb(66,121,122)"><B>2022:
THE MARKET&rsquo;S <I>ANNUS HORRIBILIS</I></B></FONT><I> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&nbsp;</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: #231F20">Most investors were happy to see a miserable 2022 end. In a down year for U.S. equities, both small-and large-cap stocks suffered,
with the Russell 2000 Index falling -20.4% while its large-cap sibling, the Russell 1000 Index, declined -19.1%. It was the
third-worst calendar year performance for both indexes since their shared inception date of 12/31/78; each posted their lowest
respective returns since 2008. The only two years that had lower returns were the same pair for both indexes: 2008 during
the Financial Crisis and 2002 through the worst year of the Internet Bubble&mdash;which certainly puts the difficulties investors
faced last year in context. The tech-heavy Nasdaq Composite fared even worse in 2022, losing -32.5%. Beyond the U.S., results
were not much better: the MSCI ACWI ex USA Small Cap Index lost -20.0% for the calendar year, and the MSCI ACWI ex USA Large
Cap Index fell -15.3%. Moreover, the double-digit losses were not limited to equities, as the Bloomberg Barclays U.S. Aggregate
Bond Index was down -13.0% while its global counterpart, the Bloomberg Barclays Global Aggregate Bond Index, was off -16.2%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-indent: 0.12in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif; color: #231F20">Negative return years for both stocks and bonds are rare occurrences&mdash;it&rsquo;s happened roughly a dozen times since&nbsp;</FONT></P>


</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the Great Depression. The combined double-digit losses for large-caps and bonds made 2022 even more exceptional for another,
related reason: it was one of the worst years on record for that longstanding staple of diversified portfolios, the 60/40
mix of stocks and bonds. Since the 1930s, the 60/40 split has had double-digit calendar year losses only six times. So, while
2022&rsquo;s final quarter saw positive results for many equity indexes, the entire year gave most investors &ldquo;nowhere
to run to, nowhere to hide,&rdquo; beyond certain commodities and the U.S. dollar.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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-top: 0pt; margin-bottom: 0pt; color: #231F20; text-indent: 0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The steep declines for so many different investment vehicles made sense not simply due to the many challenges facing the world,
but also because of the now familiar but still dizzying array of contradictory macro developments. On the negative side, we
endured ongoing inflation, a decidedly hawkish Fed, the war in Ukraine, and a widely anticipated&mdash;though yet to occur&mdash;recession.
On the positive end, we had strong labor markets and a surprisingly resilient U.S. economy, with real U.S. GDP (Gross Domestic
Product) for the third quarter adjusted upward in December from 2.8% to 3.2%&mdash; and initial fourth quarter estimates being
pegged at 2.8%. Although these figures do not equate to vibrant economic</FONT></P>
</div>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2 <FONT STYLE="color: gray">|</FONT> This page is not part of the 2022 Annual Report to Stockholders</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; color: Red"></P>

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<TR STYLE="vertical-align: top; text-align: justify; background-color: Black">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">LETTER TO OUR STOCKHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">growth, they are far from indicating recession. The question is what comes next for stocks? If the bear market&rsquo;s days
are numbered, when will its number be up? While we make no claim to having a definitive answer, we have done our usual rounds
of digging into history and current valuations to help us make sense of the present and to see what factors might be signaling
a brighter course for small caps as well as for our own investment strategies. In our estimation, it makes sense for the bear
to be feeling some high anxiety.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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-top: 0pt; margin-bottom: 0pt; color: #3C7A7B"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>SMALL
CAP&rsquo;S BRIGHT(ER) FUTURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The -38% decline for the average stock in the Russell 2000 is notable compared to the -27% slide for the average stock in
the Russell 1000 from each index&rsquo;s respective 52-week highs. Moreover, the Russell 2000 fell -31.9% from its peak on
11/8/21 through its most recent low on 6/16/22, while the Russell 1000 lost less from its peak on 1/3/22 through its most
recent low on 9/30/22, down -25.0%. In addition, several years of small-cap underperformance have led to the Russell 2000
hitting an extreme point versus the Russell 1000 at year-end: apart from the Covid-related market trough in March of 2020,
small caps fell to their lowest weighting in the Russell 3000 Index in more than 20 years on 12/31/22. Finally, and arguably
most importantly, the Russell 2000&rsquo;s valuation remained near its lowest rate in 20 years compared to the Russell 1000&rsquo;s,
based on our preferred valuation metric of the median last 12 months&rsquo; enterprise</FONT></P>


</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">value to earnings before taxes (LTM EV/EBIT)&mdash;even in the immediate aftermath of 2022&rsquo;s correction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><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-top: 0pt; margin-bottom: 0pt; color: #231F20; text-indent: 0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Both the &ldquo;Nifty Fifty&rdquo; market of the early 1970s and the current period were marked by uncertainty and prominent
worries of high inflation and recession. The Nifty Fifty was a group of mostly multinational large-cap companies that many
believed offered a steady, sure, and safe road to growth&mdash;until they were badly bruised in the bear market of 1973-74.
In the current period, a perception of safety was reserved until recently for an even smaller number of mega-cap stocks: the
&ldquo;FAAMG&rdquo; group of Facebook, Apple, Amazon, Microsoft, and Google. Prior to each period&rsquo;s bear market, the
large-cap peak was crowded with these mega-cap stocks&mdash;which most recently reached their high in August of 2020. At 2020&rsquo;s
large-cap peak, these five stocks accounted for nearly 25% of the U.S. market&rsquo;s total capitalization, much as AT&amp;T,
Eastman Kodak, Exxon, GM, and IBM did before the sharp correction of the 1970s. The earlier decline was followed by a long
run of success for small-cap stocks on both an absolute and relative basis. Combined with small cap&rsquo;s more favorable
valuation and long, historically uncharacteristic period of underperformance, we think the stage is set for the asset class
to retake market leadership from large cap.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-indent: 0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-indent: 0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Another important reversal suggests the likelihood of improved relative results for small caps in coming years: the pivot
in Fed policy from the era of zero (or near zero) interest</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Russell
2000 vs. Russell 1000 Median LTM EV/EBIT&sup1; (ex. Negative EBIT Companies)</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">From 12/31/02 through 12/31/22</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP>Earnings
before interest and taxes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Past
performance is no guarantee of future results. Source: FactSet&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">This page is not part of the 2022 Annual Report to Stockholders <FONT STYLE="color: gray">|</FONT> 3</FONT></P>

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<P STYLE="margin: 0; text-align: left"><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;</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: 11pt">rates and easy money to a period of rate hikes and quantitative tightening, along with the knock-on effect of persistent inflation.
For equity investors, this shift means a radically altered investment landscape. We believe those stocks that were the biggest
winners under the past decade&rsquo;s zero interest rate, low inflation, and low nominal growth regime will no longer lead,
and that the unfolding macro environment points to small caps being able to sustainably, and not just tactically, outpace
large caps.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-indent: 0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Further supporting our relative case for small caps is the asset class&rsquo;s superior record in two varying inflationary
climates. A comparison of the average annual U.S. consumer price index (CPI) to returns for the Center for Research in Security
Prices (CRSP) 6-10 Index (the small-cap proxy we use when reaching farther back in history than the Russell 2000&rsquo;s 1979
inception) shows that the CRSP 6-10 beat the CPI in every decade since the 1930s&mdash;a claim that cannot be made for large
caps. In addition to their long-term historical edge during inflationary periods, small caps tend to be nimbler than large
caps, which allows them to potentially act more quickly in a climate of contracting liquidity and Fed tightening. Of course,
much of the data is indicating that inflation has peaked, outside of wage inflation which is proving much stickier (and will
remain so for as long as the job market stays strong). 2022 saw sharp deflation in several areas. The Baltic Dry Index, which
measures the cost of shipping goods worldwide, fell more than 70% from its high in May through the end of December, while
lumber, steel, and copper prices also slipped precipitously. We expect this dynamic of persistent wage inflation accompanied
by decreased goods inflation to continue. And historically, periods of falling inflations have also given small caps a relative
advantage.&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #427B7C"><B>IS
IT TIME FOR SMALL-CAP SUCCESS?</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; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The performance advantage for large caps over small caps from 2011-2022 was somewhat paralleled by an edge for the Russell
2000 Growth Index over the Russell 2000 Value Index through most of that period. Over the last few years, the market has seen
a deep and far-reaching re-rating of growth stocks, an unsurprising development following the Fed&rsquo;s reversal. To be
sure, we saw this most clearly at two ends of the equity market in 2022: in the deeper correction for small-cap growth stocks</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small-Cap (CRSP 6-10) Performance when Inflation is &ge;6% and Decreasing vs All Periods</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">Monthly Average One-Year Returns from 12/31/45 through 12/31/22</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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small-Cap (CRSP 6-10) vs Large-Cap (CRSP 1-5) Performance when Inflation is &ge;6% and Decreasing vs All Periods</B>&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">Monthly Average One-Year Return Spread from 12/31/45 through 12/31/22</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-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="cef006.jpg" ALT=""></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Past performance is no guarantee of future results. Inflation is being measured using The Consumer Price Index (CPI). The
CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods
and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive
fuel, and food items are also available.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-size: 11pt">and in the steep declines for many mega-cap companies we discussed above. To be sure, rising rates and inflation have led
to a period of multiple compression that we expect will reorient investors&rsquo; attention, to some degree, at least, away
from the crowded and uncertain macro environment and onto corporate fundamentals, which we view as an advantage for the kind
of conservatively capitalized, free cash flow generating companies that most of our major strategies hold. We saw this in
2022, when quality small caps&mdash;defined as those with higher returns on invested capital (ROIC) and earnings&mdash;held
up better than&nbsp;</FONT></P>

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<FONT STYLE="color: gray">|</FONT> This page is not part of the 2022 Annual Report to Stockholders</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Russell
2000 Value and Growth Shifted Median Relative LTM EV/EBIT<SUP>1</SUP></B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Russell 2000 Value/Growth from 3/31/00 through 12/31/22</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><IMG SRC="cef007.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1
</SUP>Last twelve months Enterprise Value/Earnings Before Interest and Taxes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Past performance is no guarantee of future results. Source: FactSet</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">their lower-quality, non-earning siblings in three of 2022&rsquo;s four quarters, including the fourth quarter&rsquo;s upswing.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Unsurprisingly, then, the Russell 2000 Value lost significantly less than the Russell 2000 Growth in 2022, -14.5% versus -26.4%.
We have been asserting for the last few years that small-cap value would recapture its long-term historical advantage over
small-cap growth. One especially revealing support for this idea comes from looking at the five-year annualized return for
the Russell 2000 Value as of 12/31/21, which was 9.1% versus a gain of 14.5% for the Russell 2000 Growth&mdash;a 540 basis
point advantage for the latter. The relative resilience of small-cap value vis-&agrave;-vis small-cap growth in 2022 caused
this spread to reverse by a considerable amount for the five-year period ended 12/31/22, when the Russell 2000 Value outpaced
the growth index, up 4.1% versus 3.5%. Our confidence that value can maintain its performance edge over growth is further
rooted in the fact that over all five-year monthly rolling average periods since their shared inception (12/31/78), the advantage
was squarely in value&rsquo;s favor, 11.8% versus 8.8%. Yet at the end of 2022, the Russell 2000 Value was at a lower valuation
than its growth counterpart, based on the LTM EV/EBIT metric.&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #427B7C"><B>IS
TIME ON SMALL-CAP&rsquo;S SIDE?</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: 11pt">Throughout 2022, we saw many small-cap stock prices hit hard regardless of their financial fundamentals and/or operating efficiency.
While we were often struck by the contrast between the more confident&mdash;albeit cautious&mdash;outlooks from the many management
teams our investment teams met with and the fatalistic headlines we were seeing almost every day, we are also accustomed to
seeing valuations decouple from company attributes&mdash;often by what we deem to be highly disproportionate amounts. Our
more than five decades of experience have taught us the value of patience&mdash;which is often hardest for investors to practice
when it&rsquo;s needed most.</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: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.12in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Related to this is the fact that small-cap&rsquo;s historical performance patterns show that below-average longer-term return
periods have typically been followed by positive returns&mdash;most often by periods of above-average longer-term returns.
For example, subsequent annualized three-year returns from three-year entry points of less than 5% have been positive 99%
of the time&mdash;that is, in 75 out of 76 three-year annualized periods&mdash;averaging 16.0% since the Russell 2000&rsquo;s
12/31/78 inception. The small-cap index also enjoyed positive annualized five-year returns 100% of the time&mdash;that</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">This page is not part of the 2022 Annual Report to Stockholders <FONT STYLE="color: gray">|</FONT> 5</FONT></P>

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<P STYLE="margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><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;</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: 11pt">is, in all 81 five-year periods&mdash;and averaged an impressive 14.9% following five-year periods with annualized returns
of 5% or less. This appears especially relevant now because the respective three- and five-year annualized returns for the
Russell 2000 as of 12/31/22 were 3.1% and 4.1%.&nbsp;</FONT></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Above-Average Returns Have Tended to Follow Low Return Periods</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Subsequent Average Annualized 5-Year Performance for the Russell 2000 Following 5-Year Annualized Return Ranges of Less Than
5% from 12/31/83 through 12/31/22</FONT></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="cef008.jpg" ALT=""></P>

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

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

<P STYLE="margin-top: 0; margin-bottom: 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: 11pt; color: #427B7C"><B>THE
WAITING IS THE HARDEST PART&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">It is of course possible that stock prices will get worse before they get better. As of this writing, inflation and earnings
multiples are higher while interest rates, credit spreads, the VIX (Volatility Index), and the unemployment rate are lower.
Many market observers are convinced that sales and earnings growth are much more likely to decline&mdash;or at least flatline&mdash;in
2023 than they are to climb, at least not</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-size: 11pt">until late in the year. At the same time, however, margins for many companies are expected to expand in 2023, thus helping
earnings. In other words, the signals continue to flash conflicting messages&mdash;which goes some distance to explain why
the outlooks for our portfolio managers range from fear that stocks have yet to touch bottom to full-throated bullishness.
The ongoing presence of these mixed signals did nothing to keep stocks from enjoying a highly robust January of 2023. Notably,
the Russell 2000 was well ahead of the Russell 1000 for the one-year period ended 1/31/23, down -3.4% versus -8.6%.</FONT></P>

<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; text-indent: 0.12in"><FONT STYLE="font-size: 11pt">So, while recession is still a possibility, none of us knows how long it will last or how deep it will go. What we do firmly
believe is that any recession&mdash;like any bear market&mdash;is ultimately finite. We believe any recession will be followed
by a recovery. It&rsquo;s worth keeping in mind that history also shows that small caps will likely begin an upward move before
many of us know for sure that the economy is rebounding in earnest. As difficult as bear markets are, they also present investors
with the opportunity to build their small-cap allocation at attractively low prices. The aftermath of the three worst bear
markets of the past 25 years&mdash;the Internet Bubble, the Great Financial Crisis, and the Covid period&mdash;were highly
rewarding for investors who showed the fortitude to stay in the market. Regardless of what the near term brings, then, we
see the currently uncertain period as a highly opportune time to actively invest in select small caps for the long run.</FONT></P>



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    <TD STYLE="width: 28%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Sincerely,</FONT></TD>
    <TD STYLE="width: 42%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="cef009.jpg" ALT="">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 50pt; font-size: 10pt"><IMG SRC="cef010.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 51pt; font-size: 10pt"><IMG SRC="cef011.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 50pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 51pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Charles
                                         M. Royce&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: 11pt"><I>Chairman,</I>&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: 11pt"><I>Royce
        Investment Partners</I>&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Christopher
                                         D. Clark&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Chief
        Executive Officer, and</I>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Co-Chief
        Investment Officer,&nbsp;</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 50pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Royce
        Investment Partners</I>&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Francis
                                         D. Gannon&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Co-Chief
        Investment Officer,</I>&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 51pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Royce
        Investment Partners</I>&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January 31, 2023</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<FONT STYLE="color: gray">|</FONT> This page is not part of the 2022 Annual Report to Stockholders</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">&nbsp;&nbsp;</FONT></P>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"></TD>
</TR></TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="cefa002"></A>Performance</FONT></P>

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

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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NAV
Average Annual Total Returns</B></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: 8pt">As
of December 31, 2022 (%)</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; text-align: left; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3-YR</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25-YR</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>30-YR</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SINCE</B><BR>
    <B>INCEPTION</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INCEPTION</B><BR>
    <B>DATE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce Global Value
    Trust</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-27.04</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.52</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.26</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.62</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10/17/13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce Micro-Cap Trust</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-16.89</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.79</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.45</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.51</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.65</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.48</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.36</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.45</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12/14/93</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce
    Value Trust</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-21.24</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.81</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.14</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.23</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.49</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.35</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.57</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.78</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.02</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11/26/86</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INDEX</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCI ACWI Small Cap
    Index</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-18.67</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.18</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.23</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.69</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.88</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.86</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.73</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell Microcap
    Index</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-21.96</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.05</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.69</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.86</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.34</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.64</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Silver 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Russell
    2000 Index</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-20.44</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.10</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.13</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.01</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.16</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.36</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.13</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.62</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 9pt"><B>Important
Performance and Risk Information</B></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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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, reflects the reinvestment of distributions and does not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 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 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.
Investments in securities of micro-cap or small-cap companies may involve considerably more risk than investments in securities
of larger-cap companies. Investments in securities of foreign issuers may be subject to different risks than investments in securities
of U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular country
or region. Therefore, the prices of securities of foreign companies in particular countries or regions may, at times, move in
a different direction than those of securities of U.S. companies. Because such investments are usually denominated in foreign
currencies and such Funds do not intend to hedge their foreign currency exposures, the U.S. dollar value of such investments may
be harmed by declines in the value of foreign currencies in relation to the U.S. dollar. Royce Global Value Trust invests a significant
portion of its assets in foreign companies. A broadly diversified portfolio does not ensure a profit or guarantee against loss.
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<SUP>&reg;</SUP> 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 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 Global Value, Micro-Cap, and 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(35,31,32)">This page is not part of the 2022 Annual Report to Stockholders <FONT STYLE="color: gray">|</FONT> 7</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>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"></TD>
</TR></TABLE>
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<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">MANAGER&rsquo;S
DISCUSSION (UNAUDITED)</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>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><IMG SRC="cef012.jpg" ALT="">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(65,123,124)"><B><A NAME="cefa003"></A>FUND
PERFORMANCE</B></FONT><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: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Royce
Global Value Trust (&ldquo;RGT&rdquo;) fell -27.0% on a net asset value (&ldquo;NAV&rdquo;) basis and -33.1% on a market price
basis in 2022 versus a decline of -18.7% for its unleveraged benchmark, the MSCI ACWI Small Cap Index, for the same period.</B></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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #417B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>WHAT
WORKED&hellip; AND WHAT DIDN&rsquo;T</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nine
of the Fund&rsquo;s 10 equity sectors detracted from performance in 2022, with the largest negative impacts coming from Industrials,
Information Technology, and Financials. Energy made a positive contribution (as did our cash holdings) while the smallest detractions
came from Materials and Consumer Staples. Electronic equipment, instruments &amp; components (Information Technology), capital
markets (Financials), and professional services (Industrials) detracted most at the industry level while energy equipment &amp;
services (Energy), diversified consumer services (Consumer Discretionary), and metals &amp; mining (Materials) were the three biggest
positive contributors in 2022.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RGT&rsquo;s
top detractor at the position level was U.K.-based Marlowe, which provides a wide range of services and related software products
such as testing and certification of fire safety systems, HR compliance and e-learning software, and audits to ensure compliance
with environmental regulations. In November, Marlowe published first half results that showed revenue growth and margin improvement
that nonetheless led to a sell-off, as the market found fault with Marlowe&rsquo;s cash generation: The company booked working capital
outflows, mostly caused by timing issues that will unwind in 2023, and higher one-off restructuring costs. We see these elevated
costs as temporary and expect cash generation to normalize, particularly as management has suggested the pace of M&amp;A may moderate
moving forward in the uncertain macro environment. More important, we do not believe these issues impair Marlowe&rsquo;s long-term
value creation pathway. Countryside Partnerships is a U.K. housebuilding and urban regeneration company that operates mostly in
London and Southeast England. Its stock was falling amid a dismal U.K. housing market, which was a factor in the company&rsquo;s
agreement to be acquired in September 2022 at a price that was lower than prior bids, creating a loss for RGT&rsquo;s position
in 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 8.65pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: #D6E7EF; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><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 COLSPAN="2" STYLE="vertical-align: bottom"><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: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top
    Contributors to Performance</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top
    Detractors from Performance</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&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 COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
    2022 (%)<SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
    2022 (%)<SUP>2</SUP></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: 3pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 41%; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EVI Industries</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.73</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Marlowe</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1.20</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LifeWorks</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.34</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Countryside Partnerships</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.99</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alamos Gold Cl. A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.34</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">XP Power</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.92</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Griffon Corporation</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.30</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MarketWise Cl. A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.82</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stadio Holdings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 2.25pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.29</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; border-bottom: #B3B3B3 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mesa Laboratories</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 2.25pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.78</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP> Includes dividends</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP> Net of dividends</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 8.65pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 8.65pt"><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: left; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
portfolio&rsquo;s top contributor at the position level was EVI Industries, a U.S. company that distributes commercial laundry
and dry-cleaning equipment, industrial boilers, and related parts. While revenues had been relatively steady through the first
half of 2022, the company&rsquo;s earnings had declined for four consecutive quarters, leading investors away from its stock.
Its shares then began to rebound vigorously in September, however, when EVI reported significant improvement in operating income
and revenue for the fiscal fourth quarter and fiscal year of 2022. Canada&rsquo;s LifeWorks provides employee well-being solutions
through an integrated platform that includes confidential counselling, employee engagement tools, perks, and health programs. LifeWorks&rsquo;
services are proven to boost productivity and reduce absenteeism, producing a strong customer benefit. We also liked that, despite
this strong customer benefit, its services cost just $2-4 per employee per month, resulting in a loyal customer base. In June 2022,
LifeWorks received an acquisition offer from Telus, a large communication services company, at a significant premium.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&rsquo;s disadvantage versus the MSCI ACWI Small Cap came from stock selection in 2022&mdash;our sector allocation
decisions were additive. At the sector level, stock picking hurt most in RGT&rsquo;s three largest sectors: Industrials, Financials,
and Information Technology. Conversely, our substantially lower weightings in both Consumer Discretionary and Real Estate
gave us a relative advantage, as did the Fund&rsquo;s cash holdings in 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 8.65pt"><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; color: #417B7C"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CURRENT
POSITIONING AND OUTLOOK</B></FONT><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: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While the near-term forecast for equities is as unclear as any we can recall, we also see better weather over the long-term
horizon, especially for global small-cap stocks. Indeed, throughout 2022 we have often been struck by the contrast between
the more confident&mdash;albeit cautious&mdash;outlooks from the many management teams we&rsquo;ve met with and the fatalistic
headlines we see almost every day. Of course, we believe our companies boast generally strong long-term growth prospects,
low debt, positive free cash flows, high returns on invested capital, and/or proven management expertise and what we think
are attractive valuations. Overall, they appear well positioned for a market that is more focused on fundamentals and/or from
a reaccelerating global economy. And while recession remains a reality or possibility (depending on geography), none of us
knows how long it will last or how deep it will go. History does show us that any recession&mdash;like any bear market&mdash;is
ultimately finite and that any recession will be followed by a recovery. It&rsquo;s worth keeping in mind that history also
shows that small caps will likely begin an upward move before many of us know for sure that the global economy is rebounding
in earnest. For this and other reasons, we would welcome any degree of increased scrutiny of company fundamentals.</Font></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: 8pt; color: #231F20">8
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #949698">| </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">2022
Annual Report to Stockholders</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20"></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #231F20">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; text-align: justify; background-color: Black">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</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>

<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: 49%; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PERFORMANCE
    AND PORTFOLIO REVIEW (UNAUDITED)</FONT></TD>
    <TD STYLE="width: 51%; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #417B7C"><B>SYMBOLS
    </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;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>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></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: 9pt"><B>Performance</B>&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: 8pt">Average
Annual Total Return (%) Through 12/31/22</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; text-align: justify; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; text-align: center; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>JUL-DEC
    2022<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3-YR</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: center; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE
    INCEPTION (10/17/13)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RGT
    (NAV)</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.51</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-27.04</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.52</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.26</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.62</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP> Not Annualized</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>
</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>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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: 9pt"><B>Market
Price Performance History Since Inception (10/17/13)</B>&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: 8pt">Cumulative
Performance of Investment<SUP>1</SUP></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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Silver 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Silver 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Silver 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Silver 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Silver 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="width: 29%; border-bottom: Silver 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>
    <TD STYLE="width: 1%; border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RGT</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-33.1%</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.9%</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39.3%</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Silver 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Sans-Serif; margin: 3pt 0; text-align: justify; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><IMG SRC="cef013.jpg" ALT=""></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.65pt"><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>

<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" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.65pt"><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="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; text-align: justify"></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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Morningstar
Style Map&trade;</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As of 12/31/22</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><IMG SRC="cef014.jpg" ALT=""></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><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">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 63 for additional information.</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>



<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"></FONT></P>

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<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"><B>Value
of $10,000</B>&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">Invested
on 10/17/13 as of 12/31/22 ($)</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>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><IMG SRC="cef015.jpg" ALT=""></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: justify; color: Red"><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"></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top
10 Positions</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%
of Net Assets</FONT><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: bottom">
    <TD STYLE="width: 69%; border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vistry
    Group</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EVI
    Industries</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IPH</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEI
    Investments</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KBR</FONT></TD>
    <TD STYLE="border-bottom: Silver 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 STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tel
    Aviv Stock Exchange</FONT></TD>
    <TD STYLE="border-bottom: Silver 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 STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ziff
    Davis</FONT></TD>
    <TD STYLE="border-bottom: Silver 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">APi
    Group</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Silver 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transcat</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Silver 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morningstar</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.8</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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 Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio
Sector Breakdown</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%
of Net Assets</FONT><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: bottom">
    <TD STYLE="width: 82%; border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrials</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financials</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information
    Technology</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Materials</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health
    Care</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Discretionary</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Communication
    Services</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real
    Estate</FONT></TD>
    <TD STYLE="border-bottom: Silver 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 STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Staples</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: justify"><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="border-bottom: Silver 2pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-5.1</FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Calendar
Year Total Returns (%)</B></FONT><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: bottom">
    <TD STYLE="width: 79%; text-align: justify; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR</B></FONT></TD>
    <TD STYLE="width: 21%; text-align: right; padding-right: 10pt; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RGT</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-27.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-16.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-3.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-6.2</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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio
Country Breakdown <SUP>1,2</SUP></B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&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: 79%; border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%
    of Net Assets</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Silver 1pt solid; 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: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">United
    States</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">United
    Kingdom</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sweden</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">India</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australia</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Israel</FONT></TD>
    <TD STYLE="border-bottom: Silver 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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">South Africa</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Silver 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="border-bottom: Silver 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>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.65pt"><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">Represents
                                         countries that are 3% or more of net assets.</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" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8.65pt"><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">Securities
                                         are categorized by the country of their headquarters.</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; text-align: justify"></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 Arial, Helvetica, Sans-Serif; margin: 0pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio
Diagnostics</B></FONT></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: 66%; border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fund
    Net Assets</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: Silver 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$65
    million</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Number
    of Holdings</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Turnover
    Rate</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Asset Value</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Price</FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8.65</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Leverage<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    Market Capitalization<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,667
    million</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    Average P/E Ratio<SUP>3,4</SUP></FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.9x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Silver 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="text-align: right; border-bottom: Silver 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.4x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Active
    Share<SUP>5</SUP></FONT></TD>
    <TD STYLE="border-bottom: Silver 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98%</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 3pt">&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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><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>Net
                                         leverage </B>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="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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><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="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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><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="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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><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">The
                                         Fund&rsquo;s P/E ratio calculation excludes companies with zero or negative earnings
                                         (13% of portfolio holdings as of 12/31/22).</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</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="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; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Important
Performance and Risk Information</B></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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-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, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the sale of Fund shares. 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. The Fund generally invests 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 2022.</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>



<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(35,31,32)">2022 Annual Report to Stockholders <FONT STYLE="color: gray">|</FONT> 9</FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 8pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><A NAME="cefa004"></A>Schedule
    of Investments</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common Stocks &ndash;
    105.1%</FONT></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="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #A7A9AC 1pt solid">SHARES</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #A7A9AC 1pt solid">VALUE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">AUSTRALIA &ndash; 4.1%</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%; text-indent: -8.65pt; padding-left: 17.3pt">Cochlear</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,000</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: 10%; text-align: right">555,901</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 17.3pt">IPH</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,881</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,509,023</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Steadfast Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,503</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">Technology One</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">40,400</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">361,433</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 10pt; border-bottom: #A7A9AC 1pt solid">Total (Cost $1,471,791)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid">2,624,860</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">BERMUDA &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Bank of N.T. Butterfield &amp; Son</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">626,010</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">James River Group Holdings</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">11,300</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">236,283</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Total (Cost $1,057,384)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid">862,293</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">&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">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">BRAZIL &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Odontoprev</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">293,489</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">TOTVS</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">97,885</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">512,066</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Total (Cost $750,794)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid">805,555</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">&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">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">CANADA &ndash; 12.7%</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></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">104,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,057,588</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Altus Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">654,546</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">AutoCanada <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">452,772</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Canaccord Genuity Group</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">433,752</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Centerra Gold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,913</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Computer Modelling Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">393,977</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="#cefb002">1</A>,<A HREF="#cefb003">2</A>,<A HREF="#cefb004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,924</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">1,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,570</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">IMAX Corporation <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,326</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; 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 <A HREF="#cefb002"><SUP>1</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,057,439</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Onex Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,227</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">Pan American Silver <SUP><A HREF="#cefb003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207,518</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Pason Systems</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">839,381</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 17.3pt">Sprott</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,085,816</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 14.3pt; border-bottom: #A7A9AC 1pt solid"><SUP><A HREF="#cefb001">&dagger;</A></SUP>TELUS Corporation</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">16,311</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">314,776</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Total (Cost $6,059,177)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid">8,232,525</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">&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">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">DENMARK &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">Chr. Hansen Holding</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,800</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">129,478</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Total (Cost $155,783)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">129,478</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">FRANCE &ndash; 0.8%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Esker</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">303,087</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">Interparfums</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">3,412</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">203,072</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Total (Cost $210,145)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">506,159</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">GERMANY &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Carl Zeiss Meditec</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">429,100</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">CompuGroup Medical</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,099</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">STRATEC</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">3,300</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">286,485</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Total (Cost $626,695)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">842,684</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">GREECE &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">Sarantis</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">64,500</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">448,096</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Total (Cost $554,222)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">448,096</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">ICELAND &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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ossur <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">51,000</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">246,308</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Total (Cost $321,244)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">246,308</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt">INDIA &ndash; 4.3%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><B>AIA Engineering</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">983,561</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">Dish TV India <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,577,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">576,266</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 14.3pt"><A HREF="#cefb001"><SUP>&dagger;</SUP></A>Tarsons
    Products <SUP><A HREF="#cefb002">1</A></SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">411,048</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WNS Holdings ADR <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb003">2</A></SUP></FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">10,500</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">839,895</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $2,401,706)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid">2,810,770</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">INDONESIA &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 14.3pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Ace Hardware Indonesia</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">4,000,000</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">127,445</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $169,716)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">127,445</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ISRAEL &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 14.3pt"><A HREF="#cefb001"><SUP>&dagger;</SUP></A>Global-e
    Online <SUP><A HREF="#cefb002">1</A></SUP></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">107,328</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Nova <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb003">2</A>,<A HREF="#cefb004">3</A></SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">465,576</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 14.3pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Phoenix Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">517,411</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid"><B>Tel Aviv Stock Exchange</B></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">222,300</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,328,070</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $1,694,482)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">2,418,385</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ITALY &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Carel Industries</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">900,569</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">Gruppo MutuiOnline</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">2,900</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">81,705</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $489,921)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">982,274</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">JAPAN &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">As One</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">245,779</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Benefit One</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,784</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Fukui Computer Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217,415</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">NSD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,319</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Square Enix Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">317,617</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">TechnoPro Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,386</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">TKC Corporation</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">25,500</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">700,453</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $1,611,241)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">2,088,753</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">MEXICO &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">Becle</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">63,000</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">137,564</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $100,233)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">137,564</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">NETHERLANDS &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">IMCD</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">5,500</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">783,917</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $387,492)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">783,917</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">NEW ZEALAND &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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">Fisher &amp; Paykel Healthcare</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">17,000</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">243,929</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $101,973)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">243,929</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">NORWAY &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Protector Forsikring</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">898,865</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">Tomra Systems</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">12,000</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">202,842</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $778,544)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">1,101,707</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">SINGAPORE &ndash; 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></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">Midas Holdings <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,000</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">XP Power</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">8,522</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">209,659</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $237,375)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">209,659</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">SOUTH AFRICA &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 14.3pt"><A HREF="#cefb001"><SUP>&dagger;</SUP></A>CA Sales
    Holdings <SUP><A HREF="#cefb002">1</A></SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,595</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 14.3pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Curro Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,973</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 14.3pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Kaap Agri</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,452</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 14.3pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>PSG Konsult</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">550,976</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">392,691</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><B>Stadio Holdings</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,686,928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,065,420</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt">Transaction Capital</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">344,100</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">670,328</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">Total (Cost $1,680,804)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">2,363,459</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">SWEDEN &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt">Biotage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">673,747</TD></TR>
</TABLE>


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

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<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 40%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10
    <FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; font: 8pt Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 100%; font-size: 8pt">&nbsp;</TD></TR>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2022</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: 8pt">&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"><FONT STYLE="font-size: 8pt">Schedule of Investments (continued)</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt 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 COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">SHARES</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">VALUE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">SWEDEN
    (continued)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Bravida
    Holding</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">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">68,900</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: 10%; text-align: right"><FONT STYLE="font-size: 8pt">735,560</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Dometic Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,500</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99,938</FONT></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">Karnov
    Group <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">145,381</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">813,644</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">OEM
    International Cl. B</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">118,850</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">823,477</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Total
    (Cost $2,419,987)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">3,146,366</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; 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: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">SWITZERLAND &ndash;
    1.4%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Kardex Holding</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,400</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">394,528</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">LEM Holding</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">150</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">291,029</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">VZ
    Holding</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">2,900</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">225,188</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Total
    (Cost $482,877)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">910,745</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; 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: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">UNITED
    KINGDOM &ndash; 12.0%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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">CentralNic
    Group <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">137,427</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">259,182</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Diploma</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,200</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">275,196</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">DiscoverIE Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,800</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">537,316</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">FDM Group Holdings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">46,800</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">423,776</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Genuit Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54,600</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">185,484</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Halma</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,700</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">446,269</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Keystone Law Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95,940</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">510,341</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Learning Technologies
    Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">342,800</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">478,250</FONT></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">Marlowe
    <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">112,600</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">639,801</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Mortgage Advice Bureau
    Holdings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36,100</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">231,308</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">Restore</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">166,254</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">663,276</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">RWS Holdings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,100</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">204,791</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">SThree</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">146,600</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">714,245</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 14.3pt"><FONT STYLE="font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Vistry
    Group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">262,780</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,987,138</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt">YouGov</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">18,600</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">229,362</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">Total
    (Cost $7,361,873)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">7,785,735</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 8pt">UNITED
    STATES &ndash; 43.6%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 14.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>ACV
    Auctions Cl. A <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,200</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">321,832</FONT></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>Air
    Lease Cl. A <SUP><A HREF="#cefb003">2</A></SUP></B></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,861</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">955,160</FONT></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>APi
    Group <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb003">2</A>,<A HREF="#cefb004">3</A></SUP></B></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,201,959</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt"><B>Arcosa</B></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,100</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,146,574</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt"><B>Artisan Partners Asset Management Cl.
    A</B></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,200</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">986,040</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 14.3pt"><FONT STYLE="font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Blue Owl Capital
    Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">69,100</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">732,460</FONT></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">BOK
    Financial <SUP><A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,350</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">659,066</FONT></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="#cefb002">1</A>,<A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,000</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">532,980</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 8pt"><B>Element Solutions</B></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51,100</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">929,509</FONT></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">Enovis
    Corporation <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,966</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">586,900</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 14.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>ESAB
    Corporation <SUP><A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,666</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">875,809</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 7pt"><A HREF="#cefb001"><FONT STYLE="font-size: 8pt"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-size: 8pt">EVI
    Industries <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80,373</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,918,504</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FARO
    Technologies <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,150</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">180,871</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FormFactor <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb003">2</A>,<A HREF="#cefb004">3</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">444,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forrester
    Research <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb003">2</A>,<A HREF="#cefb004">3</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,000</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">536,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 8pt">GCM Grosvenor Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">119,626</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">910,354</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Griffon
    Corporation <SUP><A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,500</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">805,275</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Hagerty
    Cl. A <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,300</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">330,513</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Hayward
    Holdings <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">58,500</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">549,900</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Innospec <SUP><A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,228</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">640,612</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 7pt"><FONT STYLE="font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>John Bean Technologies</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,500</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">228,325</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kadant <SUP><A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,960</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">525,785</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KBR
    <A HREF="#cefb003"><SUP>2</SUP></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,370</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,339,536</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Kennedy-Wilson Holdings</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,700</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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">561,561</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindsay
    Corporation <SUP><A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,519</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">573,069</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MarketWise
    Cl. A <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">123,100</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">206,808</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Mesa Laboratories</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,512</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">916,150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morningstar
    <A HREF="#cefb003"><SUP>2</SUP></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,358</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,160,489</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>nLIGHT <SUP><A HREF="#cefb002">1</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">73,100</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">741,234</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PAR Technology <SUP><A HREF="#cefb002">1</A>,<A HREF="#cefb003">2</A>,<A HREF="#cefb004">3</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,241</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">579,823</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quaker
    Houghton <SUP><A HREF="#cefb003">2</A></SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,710</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">452,299</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 7pt"><FONT STYLE="font-size: 8pt"><SUP><A HREF="#cefb001">&dagger;</A></SUP>Royal Gold</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,300</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">710,136</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEI
    Investments <A HREF="#cefb003"><SUP>2</SUP></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,050</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,402,115</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transcat
    <A HREF="#cefb002"><SUP>1</SUP></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,377</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">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,160,638</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vontier
    Corporation <A HREF="#cefb003"><SUP>2</SUP></A></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">55,300</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 STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,068,949</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ziff
    Davis <A HREF="#cefb002"><SUP>1</SUP></A></FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">16,700</FONT></TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">1,320,970</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Total (Cost
    $27,188,984)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">28,193,205</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: 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">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">TOTAL COMMON STOCKS</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">(Cost $58,314,443)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">68,001,871</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: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">REPURCHASE AGREEMENT&ndash; 1.1%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">$725,600 (collateralized by obligations of U.S. Government Agencies, 0.25%</FONT></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">due 7/31/25, valued at $740,080)</FONT></P></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">(Cost $725,497)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt"><B>725,497</B></FONT></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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">TOTAL INVESTMENTS &ndash; 106.2%</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">(Cost $59,039,940)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt"><B>68,727,368</B></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: left"><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: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">LIABILITIES LESS CASH AND OTHER ASSETS &ndash;
    (6.2)%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><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: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">(4,035,102)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 8pt">NET ASSETS &ndash; 100.0%</FONT></TD><TD STYLE="border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2.5pt solid"><FONT STYLE="font-size: 8pt">64,692,266</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.125in"><FONT STYLE="font-size: 8pt">ADR &ndash; American Depository
Receipt</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in; text-align: left"><FONT STYLE="font-size: 8pt"><A NAME="cefb001"></A><SUP><SUP>&dagger;</SUP></SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">New
                                         additions in 2022.</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><FONT STYLE="font-size: 8pt"><A NAME="cefb002"></A><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Non-income
                                         producing.</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><FONT STYLE="font-size: 8pt"><A NAME="cefb003"></A><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 3pt"><FONT STYLE="font-size: 8pt">All
                                         or a portion of these securities were pledged as collateral in connection with the Fund's
                                         revolving credit agreement as of December 31, 2022. Total market value of pledged securities
                                         as of December 31, 2022, was $8,209,024.</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><FONT STYLE="font-size: 8pt"><A NAME="cefb004"></A><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 3pt"><FONT STYLE="font-size: 8pt">As
                                         of December 31, 2022, a portion of these securities, in the aggregate amount of $1,928,078,
                                         were rehypothecated by BNP Paribas Prime Brokerage International, Limited in connection
                                         with the Fund's revolving credit agreement. See Notes to Financial Statements.</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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.125in"><FONT STYLE="font-size: 8pt"><A NAME="cefb005"></A><SUP>4</SUP></FONT></TD><TD STYLE="padding-right: 3pt; text-align: justify"><FONT STYLE="font-size: 8pt">A
                                         security for which market quotations are not readily available represents 0.0% of net
                                         assets. This security has been valued at its fair value under procedures approved by
                                         the Fund's Board of Directors. This security is defined as a Level 3 security due to
                                         the use of significant unobservable inputs in the determination of fair value. See Notes
                                         to Financial Statements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.125in; text-align: justify">Securities of Global/International Funds are categorized by
                                         the country of their headquarters.</P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.125in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.125in; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Bold
indicates the Fund&rsquo;s 20 largest equity holdings in terms of December 31, 2022, market value. </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.125in; text-align: justify"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.125in; text-align: justify"><FONT STYLE="font-size: 8pt"><B>TAX
INFORMATION: </B>The cost of total investments for Federal income tax purposes was $59,315,029. As of December 31, 2022, net unrealized
appreciation for all securities was $9,412,339 consisting of aggregate gross unrealized appreciation of $16,042,759 and aggregate
gross unrealized depreciation of $6,630,420. 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 60%; font: 8pt 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: 40%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
    Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 11</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 8pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="cefa005"></A>Royce Global Value Trust</FONT></TD>
    <TD STYLE="vertical-align: top; width: 55%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2022</FONT></TD></TR>
</TABLE>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Statement of Assets and Liabilities</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">ASSETS:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 88%; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Investments at value</FONT></TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">68,001,871</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Repurchase agreements (at cost
    and value)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">725,497</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Foreign currency (cost $5,383)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">5,374</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Receivable for dividends and interest</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">159,710</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Prepaid expenses and other assets</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">20,504</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total Assets</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">68,912,956</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">LIABILITIES:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Revolving credit agreement</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">4,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Payable for investment advisory
    fee</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">55,654</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Payable for directors' fees</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">6,346</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Payable for interest expense</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">18,180</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Accrued expenses</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">123,238</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Deferred capital gains tax</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">17,272</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total Liabilities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">4,220,690</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Net Assets</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">64,692,266</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">ANALYSIS OF NET ASSETS:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Paid-in capital - $0.001 par value per share; 6,310,318
    shares outstanding (150,000,000 shares authorized)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">55,671,269</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">Total distributable earnings (loss)</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">9,020,997</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Net Assets (net asset value per
    share - $10.25)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">64,692,266</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><FONT STYLE="font-size: 8pt">Investments at identified cost</FONT></TD><TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-size: 8pt">58,314,443</FONT></TD></TR>
</TABLE>



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

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<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 40%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12
    <FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; font: 8pt Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 8pt">&nbsp;</TD></TR>
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<TR>
    <TD STYLE="vertical-align: top; width: 45%; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Global Value Trust</FONT></TD>
    <TD STYLE="vertical-align: top; width: 55%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Year
    Ended December 31, 2022</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Statement of Operations</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 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="font-weight: bold">INVESTMENT INCOME:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>INCOME:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Dividends</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: #A7A9AC 1pt solid">$</TD><TD STYLE="width: 10%; text-align: right; border-bottom: #A7A9AC 1pt solid">1,699,541</TD><TD STYLE="width: 1%; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Foreign withholding tax</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(77,880</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Interest</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">3,648</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Rehypothecation income</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">113</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Total income</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid">1,625,422</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">EXPENSES:</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Investment advisory fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">696,018</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Interest expense</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">116,398</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Custody and transfer agent fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">62,296</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Stockholder reports</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">62,277</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Administrative and office facilities</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">43,801</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Professional fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">40,267</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Directors' fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">26,877</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Other expenses</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">26,564</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Total expenses</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: #A7A9AC 1pt solid">1,074,498</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Net investment income (loss)</TD><TD STYLE="font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: right">550,924</TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; 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: 8.65pt">REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:</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: 8.65pt; border-bottom: #A7A9AC 1pt solid">NET REALIZED GAIN (LOSS):</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">90,737</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Foreign currency transactions</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(42,833</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(24,845,735</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Other assets and liabilities denominated in foreign currency</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(14,497</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Net realized and unrealized gain (loss) on investments and foreign currency</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(24,812,328</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2pt solid; text-indent: -8.65pt; padding-left: 8.65pt">NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS</TD><TD STYLE="font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: right">(24,261,404</TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <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">2022 Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 13</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Global Value Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 55%; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><B>Statement of Changes in Net Assets</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&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: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #A7A9AC 1pt solid">YEAR ENDED 12/31/22</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #A7A9AC 1pt solid">YEAR ENDED 12/31/21</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">INVESTMENT OPERATIONS:</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: 64%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Net investment income (loss)</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: #A7A9AC 1pt solid">$</TD><TD STYLE="width: 15%; text-align: right; border-bottom: #A7A9AC 1pt solid">550,924</TD><TD STYLE="width: 1%; text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: #A7A9AC 1pt solid">$</TD><TD STYLE="width: 15%; text-align: right; border-bottom: #A7A9AC 1pt solid">(113,566</TD><TD STYLE="width: 1%; text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Net realized gain (loss) on investments and foreign currency</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">47,904</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">7,590,759</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Net change in unrealized appreciation (depreciation) on investments and foreign currency</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(24,860,232</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">5,226,826</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Net increase (decrease) in net assets from investment operations</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(24,261,404</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,704,019</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">DISTRIBUTIONS:</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: 8.65pt; border-bottom: #A7A9AC 1pt solid">Total distributable earnings</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(793,689</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(15,402,178</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Return of capital</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(21,014</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&ndash;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Total distributions</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(814,703</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(15,402,178</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">CAPITAL STOCK TRANSACTIONS:</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: 8.65pt; border-bottom: #A7A9AC 1pt solid">Reinvestment of distributions</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">374,330</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">8,340,203</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Total capital stock transactions</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">374,330</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,340,203</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Net Increase (Decrease) In Net Assets</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(24,701,777</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,642,044</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">NET ASSETS:</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Beginning of year</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">89,394,043</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">83,751,999</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">End of year</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">64,692,266</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">89,394,043</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14 <FONT STYLE="color: #999999">|</FONT> 2022 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>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Global Value Trust</FONT></TD>
    <TD STYLE="vertical-align: top; width: 55%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Year
    Ended December 31, 2022</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Statement of Cash Flows</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD>CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Net increase (decrease) in net assets from investment operations</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: #A7A9AC 1pt solid">$</TD><TD STYLE="width: 10%; text-align: right; border-bottom: #A7A9AC 1pt solid">(24,261,404</TD><TD STYLE="width: 1%; text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">Purchases of long-term investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(21,958,940</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">Proceeds from sales and maturities of long-term investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">19,585,538</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">Net purchases, sales and maturities of short-term investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">2,224,261</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">Net (increase) decrease in dividends and interest receivable and other assets</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">38,610</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">Net increase (decrease) in interest expense payable, accrued expenses and other liabilities</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">59,464</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">Net change in unrealized appreciation (depreciation) on investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">24,845,735</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: #A7A9AC 1pt solid">Net realized gain (loss) on investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(90,737</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Net cash provided by operating activities</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">442,527</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">CASH FLOWS FROM FINANCING ACTIVITIES:</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt; border-bottom: #A7A9AC 1pt solid">Distributions net of reinvestment (reinvestment $374,330)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid">(440,373</TD><TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Net cash used for financing activities</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(440,373</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">INCREASE (DECREASE) IN CASH:</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,154</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Cash and foreign currency at beginning of year</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,220</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -8.65pt; padding-left: 8.65pt">Cash and foreign currency at end of year</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">5,374</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&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">Supplemental disclosure of cash flow information:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the year ended December 31, 2022, the Fund paid $102,199 in
interest expense.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <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">2022 Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 15</FONT></TD></TR>
</TABLE>

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    <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>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Global Value Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 55%; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Financial Highlights</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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's performance for the periods presented.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</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>12/31/22</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</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>12/31/21</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><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">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14.26</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14.95</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.60</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10.42</B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid">&nbsp;</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: 8%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12.48</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT OPERATIONS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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 STYLE="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.09</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.01</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.05</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.06</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.04</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3.96</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.19</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.63</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.18</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.06</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: rgb(243,243,244)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3.87</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.18</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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 STYLE="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.10</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</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="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><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">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.66</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.19</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Return of capital</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.00</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total distributions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.13</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2.75</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</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">&nbsp;</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL STOCK TRANSACTIONS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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 STYLE="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.01</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><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">)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.00</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.00</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: rgb(243,243,244)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.12</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">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><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">&nbsp;</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>10.25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14.26</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</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>14.95</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.60</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</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>10.42</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.65</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</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>13.12</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.36</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</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>11.69</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</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>8.88</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL RETURN:<SUP><A HREF="#cefc001">1</A></SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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 STYLE="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27.04</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.34</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.67</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.20</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16.11</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; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market Value</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(33.08</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.77</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RATIOS BASED ON AVERAGE NET ASSETS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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 STYLE="padding-left: 10pt; text-indent: -10pt; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment advisory fee expense</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.00</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.00</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.00</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.00</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.25</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="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.39</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.34</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.50</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.54</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.39</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.74</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="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.38</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.33</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.24</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.29</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.53</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="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.54</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.39</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.50</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.74</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; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net investment income (loss)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.79</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.13</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SUPPLEMENTAL DATA:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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 STYLE="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,692</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89,394</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,752</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142,810</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,254</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Portfolio Turnover Rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52</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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REVOLVING CREDIT AGREEMENT:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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 STYLE="padding-left: 10pt; text-indent: -10pt; 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1717</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2335</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1147</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1885</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">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1466</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; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset coverage per $1,000</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,173</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,349</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,469</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,851</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,657</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 8.65pt"><SUP><A NAME="cefc001"></A>1</SUP></TD><TD STYLE="text-align: justify">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's Distribution Reinvestment and Cash Purchase
Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund's net asset value is used on the purchase,
sale and dividend reinvestment dates instead of market value.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16 <FONT STYLE="color: #999999">|</FONT> 2022 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>

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

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Royce Global Value Trust</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">Royce &amp; Associates,
LP, the Fund&rsquo;s investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business
using the name Royce Investment Partners (&ldquo;Royce&rdquo;). As of December 31, 2022, officers and employees of Royce, Fund
directors, the Royce retirement plans and other affiliates owned more than 19% of the Fund.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION
OF INVESTMENTS:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">Portfolio securities
held by the Fund are valued as of the close of trading on the New York Stock Exchange (&ldquo;NYSE&rdquo;) (generally 4:00 p.m.
Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values for non-U.S.
dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates
as quoted by a major bank.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">Equity securities that
are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.&rsquo;s OTC Link ATS or other alternative trading system,
are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date;
or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs
are generally referred to as &ldquo;Level 1&rdquo; inputs because they represent reliable quoted prices in active markets for
identical securities.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">If the value of a portfolio
security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be &ldquo;fair
valued.&rdquo; The Fund&rsquo;s Board of Directors has designated Royce as valuation designee to perform fair value determinations
for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 (&ldquo;Rule 2a-5&rdquo;).
Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Fund&rsquo;s Board of Directors
and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. Fair valued securities are reported
as either &ldquo;Level 2&rdquo; or &ldquo;Level 3&rdquo; securities.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">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, no assurance can be given that a fair value assigned to a
particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value
pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or
published prices for the same securities.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">Level 2 inputs are other
significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics).
Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund on a particular valuation
date include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Over-the-counter equity securities other than those traded on OTC Market Group Inc.&rsquo;s OTC
Link ATS or other alternative trading system (collectively referred to herein as &ldquo;Other OTC Equity Securities&rdquo;) are
fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Certain bonds and other fixed income securities may be fair valued by reference to other securities
with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent
pricing services; and</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">The Fund uses an independent pricing service to fair value certain non-U.S. equity securities when
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 such non-U.S. securities.</TD></TR></TABLE>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">Level 3 inputs are significant
unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading
was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding
other securities; information received from the issuer and/or published documents, including SEC filings and financial statements;
and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
Annual Report to Stockholders&nbsp;&nbsp;<FONT STYLE="color: #999999">|</FONT>&nbsp;&nbsp;17</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Royce Global Value Trust</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION
OF INVESTMENTS (continued):</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">various techniques in making fair value
determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g.,
earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified
buyers for the issuer&rsquo;s ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable
market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a
security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case
of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security,
without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature.
Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have
been used had an active market existed.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">A security that is valued
by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.&rsquo;s
OTC Link ATS or other alternative trading system, has not traded and there are no bids;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Royce does not receive at least two bid side quotes for an Other OTC Equity Security; </TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the independent pricing services are unable to supply fair value prices; or</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event
occurs after the close of trading for a security but prior to the time the Fund prices its shares).</TD></TR></TABLE>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">The table below shows
the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of December 31, 2022. Any Level
2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with owning those securities.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="border-right: rgb(167,169,172) 1pt solid; 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>LEVEL 1</B></FONT></TD>
    <TD STYLE="border-right: rgb(167,169,172) 1pt solid; 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>LEVEL 2</B></FONT></TD>
    <TD STYLE="border-right: rgb(167,169,172) 1pt solid; 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>LEVEL 3</B></FONT></TD>
    <TD STYLE="border-right: rgb(167,169,172) 1pt solid; 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTAL</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-right: rgb(167,169,172) 1pt solid; border-bottom: #A7A9AC 1pt solid; width: 47%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</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>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">68,001,871</FONT></TD>
    <TD STYLE="border-right: rgb(167,169,172) 1pt solid; border-bottom: #A7A9AC 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: rgb(167,169,172) 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; width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; border-right: rgb(167,169,172) 1pt solid; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>68,001,871</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 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-right: rgb(167,169,172) 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repurchase
    Agreement</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">&ndash;</FONT></TD>
    <TD STYLE="border-right: rgb(167,169,172) 1pt solid; 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">725,497</FONT></TD>
    <TD STYLE="border-right: rgb(167,169,172) 1pt solid; 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">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: rgb(167,169,172) 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>725,497</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>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level
3 Reconciliation</B>:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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><FONT STYLE="font-family: Arial, Helvetica, Sans-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-right: rgb(153,153,153) 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; border-right: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNREALIZED
    GAIN (LOSS) <SUP>1</SUP></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 19%; border-bottom: black 1pt solid; border-right: #999999 1pt solid"><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: #999999 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
                                         AS OF</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/21</B></FONT></P></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PURCHASES</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SALES</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; border-right: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS) <SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; border-right: #999999 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENTLY
                                         HELD</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SECURITIES</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-right: rgb(153,153,153) 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SECURITIES
                                         NO</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LONGER
        HELD</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
                                         AS OF</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/22</B></FONT></P></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    0</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    0</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    0</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    0</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$ 0</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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 as of
December 31, 2022, is next business day and continuous.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">The Fund invests a significant
portion of its respective assets in foreign companies that may be subject to different risks than investments in securities of
U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular country or
region. Therefore, the prices of securities of foreign companies in particular countries or regions may, at times, move in a different
direction than those of securities of U.S. companies. Because such investments are usually denominated in foreign currencies and
the Fund does not intend to hedge its foreign currency exposure, the U.S. dollar value of such investments may be harmed by declines
in the value of foreign currencies in relation to the U.S. dollar.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18&nbsp;&nbsp;<FONT STYLE="color: #999999">|</FONT>&nbsp;&nbsp;2022
Annual Report to Stockholders</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Royce
Global Value Trust</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISTRIBUTIONS
AND TAXES:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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, and accounted for as a reduction in the market value of the security.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXPENSES:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">The Fund incurs direct
and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund, while expenses applicable to more than
one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to
all of the Royce Funds are allocated by Royce under an administration agreement and are included in administrative and office facilities
and professional fees.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">COMPENSATING
BALANCE CREDITS:</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Capital
Stock:</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">The Fund issued 43,376
and 666,151 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2022, and December 31, 2021,
respectively.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Borrowings:</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">The Fund is party to
a revolving credit agreement (the &ldquo;credit agreement&rdquo;) 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 pledges eligible
portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as
security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is
determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities
pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement. As of
December 31, 2022, the market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
Annual Report to Stockholders&nbsp;&nbsp;<FONT STYLE="color: #999999">|</FONT>&nbsp;&nbsp;19</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Global Value Trust</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; 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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Borrowings
(continued):</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">The maximum amount the
Fund may borrow under the credit agreement is $4,000,000. 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 $15,000,000.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">As of December 31, 2022,
the Fund had outstanding borrowings of $4,000,000. During the year ended December 31, 2022, the Fund had an average daily loan
balance of $4,000,000 at a weighted average borrowing cost of 2.87%. The maximum loan balance outstanding during the year ended
December 31, 2022, was $4,000,000. As of December 31, 2022, the aggregate value of rehypothecated securities was $1,928,078. During
the year ended December 31, 2022, the Fund earned $113 in fees from rehypothecated securities.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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, computed daily and payable monthly. For the year ended December 31, 2022, the Fund expensed Royce investment advisory
fees totaling $696,018.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-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: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">For the year ended December
31, 2022, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted
to $19,722,423 and $17,736,121, respectively.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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 or an affiliate of Franklin Resources, Inc. 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 that review to the Board of Directors. Cross trades for the year ended December 31, 2022, were as follows:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 60%; 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: 30%; 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: 38%; 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 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,714,389</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &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="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Tax
Information:</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">Distributions during
the years ended December 31, 2022 and 2021, were characterized as follows for tax purposes:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-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>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RETURN
    OF CAPITAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; 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>2022</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2021</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2022</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2021</B></FONT></TD>
    <TD STYLE="width: 10%; 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>2022</B></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>2021</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">$588,297</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">$2,437,990</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">$205,392</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">$12,964,188</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">$21,014</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&ndash;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">The tax basis components of distributable
earnings as of December 31, 2022, were as follows:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; border-right: #A7A9AC 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
        INCOME</B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid; border-right: #A7A9AC 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED
                                         LONG-TERM</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CAPITAL
        GAINS</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-bottom: black 1pt solid; border-right: #A7A9AC 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
                                         UNREALIZED</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>APPRECIATION</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(DEPRECIATION)<SUP>1</SUP></B></FONT></P></TD>
    <TD STYLE="width: 17%; border-bottom: black 1pt solid; border-right: #A7A9AC 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>QUALIFIED
                                         LATE YEAR</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
        AND</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>POST-OCTOBER
        LOSS</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DEFERRALS<SUP>2</SUP></B></FONT></P></TD>
    <TD STYLE="width: 13%; border-bottom: black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DISTRIBUTABLE</B></FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EARNINGS</B></FONT></P></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">$&nbsp;&nbsp;&ndash;</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&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">$9,396,503</FONT></TD>
    <TD STYLE="border-right: #A7A9AC 1pt solid; border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(375,506)</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9,020,997</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         timing differences on foreign currency, recognition of losses on securities sold and
                                         mark-to-market of Passive Foreign Investment Companies.</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 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, 2022, the Fund recorded the following permanent reclassifications, which relate primarily to return
of capital and foreign currency transactions:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 40%; 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>TOTAL
    DISTRIBUTABLE EARNINGS (LOSS)</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>PAID-IN
    CAPITAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">$75,251</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(75,251)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">Management has analyzed
the Fund&rsquo;s tax positions taken on federal income tax returns for all open tax years (2019-2022) and has concluded that as
of December 31, 2022, no provision for income tax is required in the Fund&rsquo;s financial statements.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Subsequent
Events:</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">Subsequent events have been evaluated through
the date the financial statements were issued and it has been determined that no events have occurred that require disclosure.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20&nbsp;&nbsp;<FONT STYLE="color: #999999">|</FONT>&nbsp;&nbsp;2022
Annual Report to Stockholders</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Proxima Nova,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Report
of Independent Registered Public Accounting Firm</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>To the Board of Directors and Stockholders
of Royce Global Value Trust, Inc.:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of
changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial
highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights for each of the five years in the period ended December
31, 2022 in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Basis for Opinion</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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, 2022 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.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">/s/PricewaterhouseCoopers LLP<BR>
New York, New York</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">February 22, 2023</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have served as the auditor of one or more
investment companies in the Franklin Templeton Group of Funds since 1948.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
Annual Report to Stockholders&nbsp;&nbsp;<FONT STYLE="color: #999999">|</FONT>&nbsp;&nbsp;21</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">MANAGERS&rsquo; DISCUSSION (UNAUDITED)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Royce Micro-Cap Trust (RMT)</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><IMG SRC="cef016.jpg" ALT=""></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Chuck Royce, Jim Stoeffel,</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Brendan Hartmann</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: rgb(65,123,124)"><B><A NAME="cefa006"></A>FUND PERFORMANCE</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-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;) was down -16.9% on a net asset value (&ldquo;NAV&rdquo;) basis and -16.5% on a market price
basis in 2022 versus respective losses of -20.4% for its unleveraged primary benchmark, the small-cap Russell 2000 Index, and
-22.0% for the Russell Microcap Index, its unleveraged secondary benchmark. </B>RMT also outperformed the Russell 2000 on both
an NAV and market price basis for the three-, five-, 10-, 15-, 20-, 25-year, and since inception (12/14/93) periods ended 12/31/22.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: rgb(65,123,124)"><B>WHAT WORKED&hellip; AND
WHAT DIDN&rsquo;T</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nine
of the portfolio&rsquo;s 11 equity sectors finished 2022 in the red, with Health Care, Consumer Discretionary, and Information
Technology detracting most. Energy and Consumer Staples made positive contributions, while Utilities detracted least. At the industry
level, health care equipment &amp; supplies (Health Care), followed by two areas in Information Technology&mdash;semiconductors &amp; semiconductor equipment and electronic equipment, instruments &amp; components&mdash;were the top three detractors. Oil,
gas &amp; consumable fuels (Energy), road &amp; rail (Industrials), and communications equipment (Information Technology) were
the biggest contributors.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
biggest detractor was Mesa Laboratories, a company that develops and manufactures electronic measurement instruments for industrial
and hemodialysis customers. Mesa&rsquo;s results were depressed by higher labor costs in its sterilization and disinfection segment
and lost sales in its clinical genomics business in China due to Covid lockdowns. Management took actions to address its issues,
and we held a sizable position at year-end in RMT, confident that its long-term prospects were brighter. We had a similar take
on PAR Technology, which provides technology solutions, applied technology, and technical outsourcing services to the hospitality
industry, primarily restaurants. Its shares were volatile throughout 2022 but fell sharply in August as robust revenue growth
was not enough to vault the company into profitability&mdash;which other investors seemed to be anticipating in the second half
of 2022. Industrial insulation company Aspen Aerogels saw its shares slide as it completed a dilutive financing deal to fund the
capacity expansion necessary to meet growing demand from original equipment manufacturers of electric vehicles.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #D6E7EF; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><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 COLSPAN="2" STYLE="vertical-align: bottom"><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: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top
    Contributors to Performance</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top
    Detractors from Performance</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&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 COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
    2022 (%)<SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
    2022 (%)<SUP>2</SUP></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: 3pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Agilysys</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #B3B3B3 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.80</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mesa
    Laboratories</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #B3B3B3 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1.54</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal
    Logistics Holdings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.66</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PAR
    Technology</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1.21</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sabine
    Royalty Trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.59</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aspen
    Aerogels</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1.05</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Richardson
    Electronics</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.54</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AutoCanada</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1.04</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">StoneX
    Group</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 2.25pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.47</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; border-bottom: #B3B3B3 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">nLIGHT</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 2.25pt solid; padding-right: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.85</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP> Includes dividends</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP> Net of dividends</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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>
</TABLE>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
increased our stake in 2022. While the need for a large new plant admittedly adds timing uncertainty and execution risk, Aspen&rsquo;s
proven solution has been winning ample new business.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMT&rsquo;s
top contributor was software developer Agilysys, which offers a comprehensive suite of solutions that, like PAR Technology, targets
the hospitality industry. Management has spent the past several years developing add-on modules to its core property management
software offering and thus increasing the firm&rsquo;s competitive advantage. We held our shares at year-end, as we view its recent
win with Marriott as a potential game changer. Universal Logistics Holdings is an asset-light provider of customized transportation
and logistics solutions throughout North America. During the first three quarters of 2022, Universal more than doubled its net
income compared to the same periods in 2021. Its successes have been driven by its higher-margin intermodal and contract logistics
segments. Sabine Royalty Trust is an oil and gas trust with royalty and mineral interests in producing oil and gas properties
in several southern U.S. states, including Louisiana, Oklahoma, and Texas. Its stock benefited from continued strength for the
energy industry.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
portfolio&rsquo;s advantage versus the Russell 2000 came from both stock picking and sector allocation in 2022. At the sector
level, stock selection (and, to a lesser degree, our higher exposure) helped in Industrials while stock picking was also additive
in Information Technology, overcoming the negative impact of our higher weighting. Our larger exposure to Energy also contributed
positively, as did our cash holdings. Conversely, stock selection was a drag on relative results in Consumer Discretionary, as
were our much lower weight in Utilities and stock picking in Health Care.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #417B7C"><B>CURRENT POSITIONING
AND OUTLOOK</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
see micro-cap value stocks as increasingly well positioned for the next market upturn as they were disproportionately hurt
by the zero interest rate environment that prevailed after the Great Financial Crisis and favored long duration assets. While
2022&rsquo;s pain was sharp for stocks, the Federal Reserve&rsquo;s pivot to a more normalized interest rate environment
should lead to more thoughtful approaches to investing once we exit the current downturn. In addition, the Russell 2000 fell
-31.9% from 11/8/21 through the current bottom on 6/16/22, which places it precisely at the average of Russell 2000 downturns
of 15% or more since the index&rsquo;s inception. Over that 44-year span, only three bear markets went markedly deeper than
this one by falling at least another 10%. Each of these downturns was exacerbated by a monumental negative event: the Great
Financial Crisis led to small-cap losses of -58.9% from 7/13/07-3/9/09; the bursting Internet Bubble saw the Russell 2000 down -44.1% from 3/9/00-10/9/02; and
the Covid pandemic deepened the small-cap index decline of -41.8% from 8/31/18-3/18/20. As difficult as these markets were,
each presented investors with an important opportunity to build their micro- and/or small-cap allocation because in each case
the subsequent recovery was robust&mdash;and especially rewarding for those who stayed invested.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22&nbsp;&nbsp;<FONT STYLE="color: #999999">|</FONT>&nbsp;&nbsp;2022
Annual Report to Stockholders</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PERFORMANCE
    AND PORTFOLIO REVIEW (UNAUDITED)</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(65,123,124)"><B>SYMBOLS&nbsp;&nbsp;&nbsp;&nbsp;</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</FONT></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Performance</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 8pt">Average Annual
Total Return (%) Through 12/31/22</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE
    INCEPTION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>JUL-DEC
    2022<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3-YR</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25-YR</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(12/14/93)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RMT (NAV)</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.37</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-16.89</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.79</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.45</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.51</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.65</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.48</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.36</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.45</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1
</SUP>Not Annualized</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&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="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Market Price Performance History Since
Inception (12/14/93)</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">Cumulative
Performance of Investment<SUP>1</SUP></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-bottom: rgb(179,179,179) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; padding-left: 27pt; text-align: center; border-bottom: rgb(179,179,179) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; border-bottom: rgb(179,179,179) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.35pt; text-align: center; border-bottom: rgb(179,179,179) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; border-bottom: rgb(179,179,179) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="width: 14%; padding-left: 8.35pt; text-align: center; border-bottom: rgb(179,179,179) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="width: 15%; padding-left: 11pt; text-align: center; border-bottom: rgb(179,179,179) 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: rgb(179,179,179) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RMT</FONT></TD>
    <TD STYLE="padding-left: 22pt; text-align: center; border-bottom: rgb(179,179,179) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-16.5%</FONT></TD>
    <TD STYLE="padding-right: 11.35pt; text-align: center; border-bottom: rgb(179,179,179) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41.2%</FONT></TD>
    <TD STYLE="padding-right: 14.35pt; text-align: center; border-bottom: rgb(179,179,179) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">179.3%</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: rgb(179,179,179) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202.9%</FONT></TD>
    <TD STYLE="padding-right: 4.35pt; text-align: center; border-bottom: rgb(179,179,179) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">624.9%</FONT></TD>
    <TD STYLE="padding-left: 7pt; text-align: center; border-bottom: rgb(179,179,179) 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1448.9%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 4pt; margin-bottom: 4pt; text-align: justify"><IMG SRC="cef017.jpg" ALT=""></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 25pt"><FONT STYLE="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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Morningstar Style Map&trade; </B>As of 12/31/22</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="cef018.jpg" ALT=""></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; 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 63 for additional information.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" 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: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Value of $10,000</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Invested
on 6/30/2000 (Russell Microcap<BR>
Inception) as of 12/31/22 ($)</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="cef019.jpg" ALT=""></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt"><B>Top 10
Positions</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%
of Net Assets</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transcat</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mesa
    Laboratories</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Major
    Drilling Group International</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CIRCOR
    International</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PAR
    Technology</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EVI
    Industries</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sprott</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindsay
    Corporation</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Agilysys</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Richardson
    Electronics</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3</FONT></TD></TR>
</TABLE>

<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="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Portfolio Sector Breakdown</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%
of Net Assets</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Information
    Technology</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrials</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financials</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health
    Care</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Discretionary</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Materials</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real
    Estate</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Communication
    Services</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consumer
    Staples</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Utilities</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Preferred
    Stock</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; padding-right: 5.4pt"><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="border-bottom: rgb(179,179,179) 2pt solid; padding-right: 5.4pt; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-1.6</FONT></TD></TR>
</TABLE>

<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 -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Calendar
    Year Total Returns (%)</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; 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: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR</B></FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RMT&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-16.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2020</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-11.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2015</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-11.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2014</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2013</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2012</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2011</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-7.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2010</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2009</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2008</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; padding-right: 5.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-45.5</FONT></TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Portfolio Diagnostics</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fund
    Net Assets</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$466
    million</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Number
    of Holdings</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">256</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Turnover
    Rate</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Asset Value</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.77</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Price</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8.68</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Leverage<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    Market Capitalization<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$651
    million</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    Average P/E Ratio<SUP>3,4</SUP></FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.7x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted
    Average P/B Ratio<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.0x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Active
    Share<SUP>5</SUP></FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S. Investments (% of Net Assets)</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-U.S. Investments (% of Net Assets)</FONT></TD>
    <TD STYLE="border-bottom: rgb(179,179,179) 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.8%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt"><B>Net
                                         leverage </B>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: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font-size: 8pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font-size: 8pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The
                                         Fund&rsquo;s P/E ratio calculation excludes companies with zero or negative earnings
                                         (24% of portfolio holdings as of 12/31/22).</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><FONT STYLE="font-size: 8pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Important
Performance and Risk Information</B></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">All
performance information reflects past performance, is presented on a total return basis, net of the Fund&rsquo;s investment advisory
fee, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the sale of Fund shares. 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
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 2022.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
Annual Report to Stockholders&nbsp;&nbsp;<FONT STYLE="color: #999999">|</FONT>&nbsp;&nbsp;23</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</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: 8pt">&nbsp;</FONT></P>



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    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><A NAME="cefa007"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Schedule
    of Investments</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common
    Stocks &ndash; 101.0%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B></FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VALUE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">COMMUNICATION
    SERVICES &ndash; 2.5%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 75%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DIVERSIFIED TELECOMMUNICATION SERVICES - 0.0%</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.075in"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT><A HREF="#cefd001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LICT </FONT><A HREF="#cefd002"><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="#cefd003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></A></P></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD><TD STYLE="width: 1%; font: 8pt 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%; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">135,800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ENTERTAINMENT - 1.4%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chicken
    Soup for the Soul Entertainment Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">401,130</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,053,786</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IMAX
    Corporation <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">271,900</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,986,054</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>SciPlay
    Corporation Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,961</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">642,573</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,682,413</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INTERACTIVE MEDIA &amp;
    SERVICES - 0.6%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">QuinStreet
    <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,900</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,882,915</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MEDIA - 0.5%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Magnite <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">167,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,770,648</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>WideOpenWest
    <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,500</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">387,175</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,157,823</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $9,793,472)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,858,951</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONSUMER
    DISCRETIONARY &ndash; 8.3%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUTO COMPONENTS - 1.6%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Motorcar
    Parts of America <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,800</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">649,928</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patrick
    Industries <SUP><A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,250</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,045,350</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sebang
    Global Battery</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,691,321</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Standard
    Motor Products <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,005</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,610,174</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stoneridge <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,600</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,241,856</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">XPEL
    <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,100</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">306,306</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,544,935</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTORS - 0.3%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Uni-Select
    <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,265,583</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DIVERSIFIED CONSUMER
    SERVICES - 0.8%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Park
    Lawn</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">954,579</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal
    Technical Institute <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">445,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,990,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,944,979</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HOTELS, RESTAURANTS &amp;
    LEISURE - 1.4%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Century
    Casinos <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">222,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,564,175</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>First
    Watch Restaurant Group <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">507,375</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inspired
    Entertainment <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">633,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindblad
    Expeditions Holdings <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">482,868</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,718,084</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,423,134</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HOUSEHOLD DURABLES -
    1.3%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cavco
    Industries <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,600</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,945,750</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legacy
    Housing <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">162,038</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,072,241</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lifetime
    Brands <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">119,294</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">905,441</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,923,432</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LEISURE PRODUCTS - 0.4%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clarus
    Corporation</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">254,903</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,998,439</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MULTILINE RETAIL - 1.0%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Franchise
    Group Cl. A</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">194,300</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,628,226</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SPECIALTY RETAIL - 1.4%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AutoCanada
    <A HREF="#cefd003"><SUP>2</SUP></A></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">297,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,113,050</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Destination
    XL Group <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">506,250</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shoe
    Carnival <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,432</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">871,089</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,490,389</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TEXTILES, APPAREL &amp;
    LUXURY GOODS - 0.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">YGM
    Trading</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,874,600</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">273,789</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $37,067,181)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,492,906</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONSUMER
    STAPLES &ndash; 2.5%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BEVERAGES - 0.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Primo
    Water</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,791</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">416,332</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FOOD &amp; STAPLES RETAILING
    - 0.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Rite
    Aid <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">668,000</FONT></TD></TR>
</TABLE>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FOOD PRODUCTS - 2.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 75%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CubicFarm
    Systems <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,000</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,634</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">J
    G Boswell Company <SUP><A HREF="#cefd002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,490</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,141,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">John
    B. Sanfilippo &amp; Son <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,301,120</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lifecore
    Biomedical <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,610</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">489,953</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Seneca
    Foods Cl. A <SUP><A HREF="#cefd003">2</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,687</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,394,122</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Seneca
    Foods Cl. B <SUP><A HREF="#cefd003">2</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,400</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,444,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,794,429</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PERSONAL PRODUCTS - 0.2%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">e.l.f.
    Beauty <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,900</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">768,670</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $6,035,096)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,647,431</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ENERGY &ndash; 8.9%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ENERGY EQUIPMENT &amp;
    SERVICES - 4.0%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Bristow
    Group <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177,900</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,826,427</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer
    Modelling Group</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">594,875</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,561,389</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North
    American Construction Group</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">668,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pason
    Systems</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">366,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,314,631</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEACOR
    Marine Holdings <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">216,957</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,987,326</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TerraVest
    Industries</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">214,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,360,606</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,718,879</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OIL, GAS &amp; CONSUMABLE
    FUELS - 4.9%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ardmore
    Shipping <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">90,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,304,105</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorchester
    Minerals L.P.</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">153,963</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,608,112</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorian
    LPG</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,338</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,948,005</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GeoPark</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,218</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,069,418</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Kimbell
    Royalty Partners L.P.</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,700</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">930,190</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Navigator
    Holdings <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">175,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,093,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Northern
    Oil and Gas <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,054,044</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sabine
    Royalty Trust <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,948</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,524,407</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Sitio
    Royalties Cl. A</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,674</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,836,995</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Spartan
    Delta</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,300</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">875,580</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">StealthGas
    <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229,664</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">615,499</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,859,355</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $32,433,205)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,578,234</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-left: 0in">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FINANCIALS &ndash; 12.4%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BANKS - 1.8%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bancorp
    (The) <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">553,410</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>BankFirst
    Capital <SUP><A HREF="#cefd002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,555</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Bay
    Community Bancorp Cl. A <SUP><A HREF="#cefd002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,600</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,136</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chemung
    Financial <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,421,970</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Citizens
    Bancshares <SUP><A HREF="#cefd002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>First
    Commonwealth Financial</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,800</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">164,846</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Harbor
    Bankshares <SUP><A HREF="#cefd002">1</A>,<A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HBT
    Financial</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,690</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,070,283</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Live
    Oak Bancshares <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,745</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,502,299</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>M&amp;F
    Bancorp <SUP><A HREF="#cefd002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Midway
    Investments <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd006">5</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">735,647</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>PCB
    Bancorp</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,146</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>United
    BanCorp of Alabama <SUP><A HREF="#cefd002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,700</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Virginia
    National Bankshares <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89,910</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,296,101</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,424,201</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL MARKETS - 8.6%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">B.
    Riley Financial</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">93,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,187,440</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Barings
    BDC</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">215,300</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,754,695</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bolsa
    Mexicana de Valores</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,068,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,067,875</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Donnelley
    Financial Solutions <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,860,100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fiera
    Capital Cl. A</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">500,030</FONT></TD></TR>
</TABLE>



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    <TD STYLE="width: 40%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24
    <FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; font: 8pt Arial, Helvetica, Sans-Serif; 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>
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&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December 31,
2022</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</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: 8pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">Schedule of Investments (continued)</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(167,169,172) 1pt solid">SHARES</TD><TD STYLE="font-weight: bold; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: rgb(167,169,172) 1pt solid">VALUE</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">FINANCIALS (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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0in">CAPITAL MARKETS (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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%; text-align: left; padding-left: 0.125in">GCM Grosvenor Cl. A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">329,900</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: 10%; text-align: right">2,510,539</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Newtek Business Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,913,170</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; 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">261,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,906,478</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in">Sprott</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,067,122</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>StoneX Group <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,720,573</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Tel Aviv Stock Exchange</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">2,049,159</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">U.S. Global Investors Cl. A</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">1,270,022</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">747,545</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in">Value Line</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,499,434</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">Westaim Corporation (The) <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">971,196</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">40,025,378</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONSUMER FINANCE - 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></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">EZCORP Cl. A <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,000</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(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(167,169,172) 1pt solid">1,638,150</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">DIVERSIFIED FINANCIAL 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></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="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,792,197</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">1,006,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,065,905</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">Waterloo Investment Holdings <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd006">5</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">806,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225,680</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">4,083,782</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>INSURANCE - 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></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">Trean Insurance Group <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">394,065</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(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(167,169,172) 1pt solid">2,364,390</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">THRIFTS &amp; MORTGAGE FINANCE - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">OP Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,820</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.075in"><SUP><A HREF="#cefd001">&dagger;</A></SUP>WSFS Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: rgb(167,169,172) 1pt solid">1,020,150</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">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,181,970</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">Total (Cost $52,073,681)</TD><TD STYLE="border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">57,717,871</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">HEALTH CARE &ndash; 11.7%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0in">BIOTECHNOLOGY - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Agios Pharmaceuticals <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,584</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="#cefd003">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">1,354,019</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">Caribou Biosciences <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,568</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">Catalyst Pharmaceuticals <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">963,480</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">Century Therapeutics <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,430</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,636</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">4D Molecular Therapeutics <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,713</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">MeiraGTx Holdings <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">745,888</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Travere Therapeutics <SUP><A HREF="#cefd003">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">63,090</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">Zealand Pharma <SUP><A HREF="#cefd003">2</A></SUP></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">4,436,175</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">7,870,153</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">HEALTH CARE EQUIPMENT &amp; SUPPLIES - 6.2%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Artivion <SUP><A HREF="#cefd003">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">535,704</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="#cefd003">2</A>,<A HREF="#cefd004">3</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">665,700</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Atrion Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,070,821</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="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,542,650</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="#cefd004">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,579</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,902,625</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Opsens <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,433</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">OrthoPediatrics Corp. <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,245</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">Profound Medical <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,915,338</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="#cefd003">2</A>,<A HREF="#cefd004">3</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">739,200</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="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,910,436</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">UFP Technologies <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,445</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,235,491</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Utah Medical Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,939,196</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">28,848,839</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">HEALTH CARE PROVIDERS &amp; 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></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="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,564,973</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">Great Elm Group <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">682,245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,378,135</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">Hims &amp; Hers Health Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,282,000</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">Joint Corp. (The) <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,484</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,782,226</TD></TR>
</TABLE>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 75%; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National Research <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">46,668</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,740,717</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">7,748,051</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">HEALTH CARE TECHNOLOGY - 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></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">Simulations Plus <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,670</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(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(167,169,172) 1pt solid">3,169,522</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">LIFE SCIENCES TOOLS &amp; SERVICES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Azenta <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">914,054</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="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">317,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">879,198</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MaxCyte <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">328,282</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">Quanterix Corporation <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,109,325</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>SomaLogic <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,806</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">5,307,665</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>PHARMACEUTICALS - 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></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="#cefd003">2</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">715,406</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">Theravance Biopharma <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: rgb(167,169,172) 1pt solid">662,081</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">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,377,487</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">Total (Cost $42,785,896)</TD><TD STYLE="border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">54,321,717</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">INDUSTRIALS &ndash; 21.2%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">AEROSPACE &amp; DEFENSE - 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></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="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">586,369</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="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">607,040</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">Innovative Solutions and Support <SUP><A HREF="#cefd003">2</A></SUP></FONT></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">647,966</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Park Aerospace</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,358,433</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">3,199,808</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>AIRLINES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Harbor Diversified <SUP><A HREF="#cefd002">1</A>,<A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,500</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(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(167,169,172) 1pt solid">314,175</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BUILDING PRODUCTS - 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></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="#cefd002">1</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">1,462,500</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="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">776,731</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Gibraltar Industries <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">429,391</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="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,367,744</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in">Quanex Building Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,432</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">4,270,798</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></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">547,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>ACV Auctions Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">563,206</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">Civeo Corporation <SUP><A HREF="#cefd003">2</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">1,166,219</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="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,261,408</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">6,538,333</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CONSTRUCTION &amp; ENGINEERING - 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></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">Ameresco Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485,690</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="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,265,981</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">473,445</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">IES Holdings <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,874</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,236,428</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>MasTec <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,133,780</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="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">251,443</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="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,193,870</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">9,040,637</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></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="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">383,548</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">315,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,864,658</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">Powell Industries <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">752,852</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">Power Solutions International <SUP><A HREF="#cefd002">1</A>,<A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,750</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-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">5,053,808</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>MACHINERY - 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></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="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">339,321</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,130,131</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Desktop Metal Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,216</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="#cefd003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,441,557</TD></TR>
</TABLE>



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    <TD STYLE="width: 60%; font: 8pt 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: 40%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
    Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 25</FONT></TD></TR>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Schedule
    of Investments (continued)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SHARES</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VALUE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INDUSTRIALS
    (continued)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MACHINERY (continued)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 75%; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">H2O Innovation <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">437,300</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">830,030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hurco Companies <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,366</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,655,754</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">L. B. Foster Company
    <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95,300</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">922,504</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Lindsay
    Corporation <A HREF="#cefd004"><SUP>3</SUP></A></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,600</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,774,560</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Luxfer Holdings <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,700</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">434,924</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shyft Group (The)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,700</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">738,342</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Standex International</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,100</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">727,111</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tennant Company</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,182,144</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Titan International <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">212,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,250,904</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,177,177</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MARINE - 1.7%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Algoma Central</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">538,257</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clarkson</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,600</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,291,819</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eagle
    Bulk Shipping <SUP><A HREF="#cefd004">3</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,928</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,990,404</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,820,480</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PROFESSIONAL SERVICES
    - 2.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forrester Research <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">124,300</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,444,968</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Franklin Covey <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,394,624</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mastech Digital <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,116</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">485,717</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NV5 Global <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,508,448</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Resources Connection</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,300</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,089,934</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Spire Global
    Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,971,691</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ROAD &amp; RAIL - 0.9%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal Logistics Holdings
    <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,240</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,188,026</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TRADING COMPANIES &amp;
    DISTRIBUTORS - 4.8%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BlueLinx Holdings <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,405</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">882,120</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution Solutions
    Group <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,911,940</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EVI
    Industries <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">297,409</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,099,153</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Transcat <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160,384</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,366,414</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,259,627</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $78,248,906)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98,834,560</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INFORMATION
    TECHNOLOGY &ndash; 23.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">COMMUNICATIONS EQUIPMENT
    - 2.7%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADTRAN Holdings</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">608,796</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Aviat Networks
    <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,600</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">954,414</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Clearfield <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,207</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,479,607</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Digi International <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,558,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Genasys <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86,392</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">319,650</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Harmonic <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">126,900</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,662,390</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ituran Location and Control</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,056,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,639,857</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ELECTRONIC EQUIPMENT,
    INSTRUMENTS &amp; COMPONENTS - 6.6%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bel Fuse Cl. A</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,805</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">626,018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fabrinet <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">282,084</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FARO Technologies <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104,800</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,082,168</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HollySys Automation Technologies</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,900</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">852,717</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Luna Innovations <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">428,678</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,768,080</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>nLIGHT <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">550,914</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,586,268</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PAR Technology <SUP><A HREF="#cefd003">2</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">296,724</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,735,595</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PC Connection <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">656,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PowerFleet <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">230,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">620,045</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Richardson
    Electronics</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">280,100</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,974,533</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vishay Precision Group
    <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,800</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,615,570</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,799,678</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IT SERVICES - 0.7%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer Task Group <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,800</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">641,088</FONT></TD></TR>
</TABLE>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 75%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hackett
    Group (The) <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,700</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">564,249</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">International
    Money Express <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,300</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,030,021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liberated
    Syndication <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd006">5</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,235,358</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEMICONDUCTORS &amp;
    SEMICONDUCTOR EQUIPMENT - 6.6%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Aehr
    Test Systems <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,800</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">659,280</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alpha
    and Omega Semiconductor <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,900</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">511,403</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Alphawave
    IP Group <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">470,384</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">580,044</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amtech
    Systems <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92,184</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">700,598</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Axcelis
    Technologies <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">428,544</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AXT <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">223,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">978,930</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Camtek <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121,037</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,657,973</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cohu <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,990</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,249,629</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FormFactor <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,869</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">508,378</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ichor
    Holdings <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">858,240</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">inTEST
    Corporation <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">108,150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kulicke
    &amp; Soffa Industries <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,100</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,146,886</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nova <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,858,800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NVE
    Corporation <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">932,400</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Onto
    Innovation <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,750</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,387,478</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PDF
    Solutions <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">155,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,434,860</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Photronics
    <SUP><A HREF="#cefd003">2</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">280,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,719,132</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ultra
    Clean Holdings <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,154,750</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,875,475</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SOFTWARE - 4.5%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Agilysys
    <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,687,330</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Alkami
    Technology <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,185</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">907,279</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American
    Software Cl. A <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">111,152</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,631,712</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Cellebrite
    DI <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">560,700</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,444,652</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Digital
    Turbine <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">241,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,680,460</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Duck
    Creek Technologies <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">330,170</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Enfusion
    Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,700</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">403,239</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Enghouse
    Systems</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,900</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">608,355</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Everbridge <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">414,120</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>MeridianLink
    <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">398,170</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Model
    N <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,014,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Optiva <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">341,211</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>PROS
    Holdings <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,103,830</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>RADCOM <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">295,380</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Upland
    Software <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,100</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">670,933</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Viant
    Technology Cl. A <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,300</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,586</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,008,427</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TECHNOLOGY HARDWARE,
    STORAGE &amp; PERIPHERALS - 2.0%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AstroNova <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115,860</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,485,325</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Avid
    Technology <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A>,<A HREF="#cefd005">4</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151,600</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,031,044</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Intevac
    <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">539,400</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,489,918</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,006,287</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $79,298,353)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">107,565,082</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MATERIALS &ndash; 7.4%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CHEMICALS - 1.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aspen
    Aerogels <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">170,585</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,011,197</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LSB
    Industries <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">214,540</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,853,382</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rayonier
    Advanced Materials <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">480,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,344,579</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CONSTRUCTION MATERIALS
    - 0.2%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Monarch
    Cement <SUP><A HREF="#cefd002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,150</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">855,750</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26
    <FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 60%; 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: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Proxima Nova,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December
31, 2022</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: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Schedule
    of Investments (continued)</B></FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center; 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; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SHARES</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VALUE</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MATERIALS
    (continued)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">METALS
    &amp; MINING - 6.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 75%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alamos
    Gold Cl. A</FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">261,044</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,639,359</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Altius
    Minerals</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">171,100</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,806,596</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Haynes
    International <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84,400</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,856,236</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Imdex</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">569,466</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">856,864</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MAG
    Silver <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">154,050</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,407,802</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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="#cefd003">2</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,131,184</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,788,815</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.075in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefd001">&dagger;</A></SUP>Newcrest
    Mining</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,859</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">375,709</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Olympic
    Steel</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,100</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,085,318</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sandstorm
    Gold</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">810,000</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,260,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal
    Stainless &amp; Alloy Products <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,620</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">241,055</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,318,354</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $25,509,281)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,518,683</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REAL
    ESTATE &ndash; 2.7%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EQUITY
    REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.4% <BR>
Postal Realty Trust Cl. A</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt 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: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,656,420</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REAL
    ESTATE MANAGEMENT &amp; DEVELOPMENT - 2.3%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Altus
    Group</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,700</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,258,543</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real
    Matters <SUP><A HREF="#cefd003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">229,500</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">708,501</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RMR
    Group (The) Cl. A <SUP><A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">108,200</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,056,650</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tejon
    Ranch <SUP><A HREF="#cefd003">2</A>,<A HREF="#cefd004">3</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">154,994</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: 8pt 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: rgb(167,169,172) 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,920,087</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,943,781</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $13,177,033)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,600,201</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UTILITIES
    &ndash; 0.3%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WATER
    UTILITIES - 0.3%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Global
    Water Resources</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,407,680</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    (Cost $678,400)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,407,680</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font:  8pt Arial, Helvetica, Sans-Serif; text-align: left"><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">&nbsp;</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
                                         COMMON STOCKS</B></FONT></P></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost
    $377,100,504)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(167,169,172) 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(167,169,172) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">470,543,316</FONT></TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></P>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></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="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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">PREFERRED STOCK &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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ENERGY &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></TR>
<TR STYLE="vertical-align: bottom">
    <TD>OIL, GAS &amp; CONSUMABLE FUELS - 0.0%</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%; text-align: left; padding-left: 0.125in">Imperial Petroleum 8.75% Series A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">92,857</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">(Cost $71,808)</TD><TD STYLE="border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">92,857</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">DIVERSIFIED INVESTMENT COMPANIES &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">FINANCIALS &ndash; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CAPITAL MARKETS - 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></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 STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,449,157</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">(Cost $2,914,814)</TD><TD STYLE="border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">2,449,157</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">REPURCHASE AGREEMENT&ndash; 4.4%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">$20,595,510 (collateralized by obligations of U.S. Government Agencies, 0.375%</P>
                                             <P STYLE="margin-top: 0; margin-bottom: 0">due 7/15/25, valued at $21,004,457)</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">(Cost $20,592,581)</TD><TD STYLE="border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">20,592,581</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">TOTAL INVESTMENTS &ndash; 106.0%</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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">(Cost $400,679,707)</TD><TD STYLE="border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-top: rgb(167,169,172) 1pt solid; border-bottom: rgb(167,169,172) 1pt solid">493,677,911</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">LIABILITIES LESS CASH AND OTHER ASSETS &ndash; (6.0)%</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 STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(167,169,172) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(167,169,172) 1pt solid">(27,788,328)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: #999999 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2pt solid">NET ASSETS &ndash; 100.0%</TD><TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2pt solid">$</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 2pt solid">465,889,583</TD></TR>
</TABLE>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></P>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 8pt Arial, Helvetica, Sans-Serif"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.15in; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><A NAME="cefd001"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP></FONT></TD><TD STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New
                                         additions in 2022.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>



<P STYLE="margin-top: 0; margin-bottom: 0; font: 8pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.15in; font: 8pt Arial, Helvetica, Sans-Serif"><A NAME="cefd002"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif"><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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.15in; font: 8pt Arial, Helvetica, Sans-Serif"><A NAME="cefd003"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif"><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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.15in; font: 8pt Arial, Helvetica, Sans-Serif"><A NAME="cefd004"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif"><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's
                                         revolving credit agreement as of December 31, 2022. Total market value of pledged securities
                                         as of December 31, 2022, was $24,861,664.</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="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.15in; font: 8pt Arial, Helvetica, Sans-Serif"><A NAME="cefd005"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As
                                         of December 31, 2022, a portion of these securities, in the aggregate amount of $6,798,907,
                                         were rehypothecated by BNP Paribas Prime Brokerage International, Limited in connection
                                         with the Fund's revolving credit agreement. See Notes to Financial Statements.</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="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 8pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.15in; font: 8pt Arial, Helvetica, Sans-Serif"><A NAME="cefd006"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify; font: 8pt Arial, Helvetica, Sans-Serif"><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'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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.15in"><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, 2022, market value. </B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.15in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.15in"><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 $402,167,371. As of December 31, 2022, net
unrealized appreciation for all securities was $91,510,540 consisting of aggregate gross unrealized appreciation of $138,368,903
and aggregate gross unrealized depreciation of $46,858,363. 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif"><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 60%"><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="font: 8pt Arial, Helvetica, Sans-Serif; width: 40%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
    Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 27</FONT></TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 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 Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><A NAME="cefa008"></A>Royce
Micro-Cap Trust</FONT></P></TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: top">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December 31, 2022</FONT></P>
</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: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 0pt"><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: 9pt"><B>Statement
of Assets and Liabilities</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt">ASSETS:</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; border-bottom: #999999 1pt solid; padding-top: 1pt">Investments at value</TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">$</TD><TD STYLE="width: 10%; border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">473,085,330</TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Repurchase agreements (at cost and value)</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">20,592,581</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Foreign currency (cost $28,035)</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">28,064</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Receivable for investments sold</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">6,493,098</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Receivable for dividends and interest</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">365,458</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Prepaid expenses and other assets</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">42,325</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt">Total Assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt">500,606,856</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt">LIABILITIES:</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Revolving credit agreement</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">11,000,000</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Payable for investments purchased</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">22,797,880</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Payable for investment advisory fee</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">610,407</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Payable for directors' fees</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">20,734</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Payable for interest expense</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">73,003</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Accrued expenses</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">215,249</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt">Total Liabilities</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt">34,717,273</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt">Net Assets</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt">465,889,583</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt">ANALYSIS OF NET ASSETS:</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">Paid-in capital - $0.001 par value per share; 47,688,371 shares outstanding (150,000,000 shares authorized)</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">$</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">400,389,018</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Total distributable earnings (loss)</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">65,500,565</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt">Net Assets (net asset value per share - $9.77)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt">465,889,583</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-top: 1pt">Investments at identified cost</TD><TD STYLE="border-bottom: Black 2pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt">$</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-top: 1pt">380,087,126</TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


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


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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 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 Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P></TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: top">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Year
Ended December 31, 2022</FONT></P>
</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>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-top: 1pt">INVESTMENT INCOME:</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt">INCOME:</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; border-bottom: #999999 1pt solid; padding-top: 1pt">Dividends</TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">$</TD><TD STYLE="width: 10%; border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">7,447,542</TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Foreign withholding tax</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">(156,734</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">Interest</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">197,137</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Rehypothecation income</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">5,358</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Total income</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt">7,493,303</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">EXPENSES:</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Investment advisory fees</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">7,132,775</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Interest expense</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">613,206</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Administrative and office facilities</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">234,356</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Stockholder reports</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">122,412</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Custody and transfer agent fees</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">91,038</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Directors' fees</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">88,318</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Professional fees</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">77,934</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Other expenses</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">157,372</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Total expenses</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt">8,517,411</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt">Net investment income (loss)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt">(1,024,108</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt">REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">NET REALIZED GAIN (LOSS):</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">Investments</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">13,567,884</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Foreign currency transactions</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">(7,743</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">Investments</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">(115,296,980</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt">Other assets and liabilities denominated in foreign currency</TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt">(998</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt">Net realized and unrealized gain (loss) on investments and foreign currency</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt">(101,737,837</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2pt solid; padding-top: 1pt">NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS</TD><TD STYLE="font-weight: bold; border-bottom: Black 2pt solid; padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left; padding-top: 1pt">$</TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: right; padding-top: 1pt">(102,761,945</TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left; padding-top: 1pt">)</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 CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 40%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2022 Annual Report to Stockholders<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>29</FONT></TD></TR>
</TABLE>


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


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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 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: 18pt">Royce
Micro-Cap 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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Statement
of Changes in Net Assets</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt; white-space: nowrap"><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: Black 1pt solid; padding-top: 1pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">YEAR
    ENDED 12/31/22</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-top: 1pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt; white-space: nowrap"><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: Black 1pt solid; padding-top: 1pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">YEAR
    ENDED 12/31/21</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-top: 1pt; white-space: nowrap"><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-top: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 1pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT OPERATIONS:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    investment income (loss)</FONT></TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,024,108</FONT></TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,747,959</FONT></TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,560,141</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,288,095</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(115,297,978</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,224,225</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase (decrease) in net assets from investment operations</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(102,761,945</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95,260,279</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    distributable earnings</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(43,327,856</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,185,784</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Return
    of capital</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(396,334</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    distributions</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(43,724,190</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,185,784</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL STOCK TRANSACTIONS:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reinvestment
    of distributions</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,062,341</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,322,950</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    capital stock transactions</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,062,341</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,322,950</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Increase (Decrease) In Net Assets</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(124,423,794</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,397,445</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><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; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NET ASSETS:</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Beginning
    of year</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">590,313,377</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">515,915,932</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">End
    of year</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">465,889,583</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">590,313,377</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><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; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 50%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Micro-Cap Trust</FONT></P></TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: top">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Year
Ended December 31, 2022</FONT></P>
</TD></TR>
</TABLE>
<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Statement
of Cash Flows</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>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CASH FLOWS FROM OPERATING ACTIVITIES:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase (decrease) in net assets from investment operations</FONT></TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(102,761,945</FONT></TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-left: 9pt; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchases
    of long-term investments</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(102,463,073</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 9pt; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">128,092,963</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-left: 9pt; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,130,562</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-left: 9pt; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(235,531</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 9pt; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183,273</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-left: 9pt; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115,296,980</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-left: 9pt; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    realized gain (loss) on investments</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,567,884</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 1pt; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    cash provided by operating activities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,675,345</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CASH FLOWS FROM FINANCING
    ACTIVITIES:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
    in revolving credit agreement</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,000,000</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distributions
    net of reinvestment (reinvestment $22,062,341)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21,661,849</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    cash used for financing activities</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,661,849</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INCREASE
    (DECREASE) IN CASH:</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,496</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    and foreign currency at beginning of year</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,568</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    and foreign currency at end of year</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,064</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><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; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Supplemental
disclosure of cash flow information:</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">For
the year ended December 31, 2022, the Fund paid $562,100 in interest expense.</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" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 40%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2022 Annual Report to Stockholders<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>31</FONT></TD></TR>
</TABLE>


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

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Proxima Nova,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 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: 18pt">Royce
Micro-Cap 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>

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<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 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financial
Highlights</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><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's performance for the periods presented.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 4pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&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="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEARS
    ENDED</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><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; padding-top: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"><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: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/22</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-top: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"><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: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/21</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-top: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"><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: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/20</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-top: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"><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: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/19</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-top: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"><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: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/18</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; padding-top: 1pt; 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: rgb(208,219,233)">
    <TD STYLE="width: 50%; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Asset Value, Beginning of Period</FONT></TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.06</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.79</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.63</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.53</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.48</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">INVESTMENT OPERATIONS:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    investment income (loss)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.02</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.04</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#cefe001">1</A></SUP></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.01</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.01</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.26</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.12</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.86</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.81</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.18</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase (decrease) in net assets from investment operations</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2.28</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.16</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.83</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.82</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.17</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DISTRIBUTIONS:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    investment income</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.05</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.08</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.00</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.89</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.84</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.53</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.65</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.75</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Return
    of capital</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.01</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    distributions</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.95</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.84</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.61</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.68</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.75</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPITAL STOCK TRANSACTIONS:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><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: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.05</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(243,243,244)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    capital stock transactions</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.05</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.06</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.04</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Asset Value, End of Period</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.77</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.06</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.79</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.63</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.53</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Value, End of Period</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.68</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.55</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.12</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.54</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.42</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL RETURN:<SUP><A HREF="#cefe002">2</A></SUP></FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Asset
    Value</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16.89</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.17</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.60</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.44</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.62</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Market
    Value</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16.51</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.78</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.32</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.82</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14.65</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RATIOS BASED ON AVERAGE
    NET ASSETS:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment
    advisory fee expense<SUP><A HREF="#cefe003">3</A></SUP></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.47</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.04</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.19</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.85</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.92</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%<SUP><A HREF="#cefe004">4</A></SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    operating expenses</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.29</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.16</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.24</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.35</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.43</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
    expenses (net)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.76</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.20</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.43</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.20</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.35</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses
    excluding interest expense</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.63</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.16</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.34</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.01</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.05</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses
    prior to balance credits</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.76</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.20</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.43</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.20</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.35</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    investment income (loss)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.21</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.30</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%<SUP><A HREF="#cefe001">1</A></SUP></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.34</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.10</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.10</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SUPPLEMENTAL DATA:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    Assets, End of Period (in thousands)</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">465,890</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">590,313</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">515,916</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">404,807</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">345,499</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Portfolio
    Turnover Rate</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><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-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REVOLVING CREDIT AGREEMENT:</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt"><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; border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    coverage</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4335</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2783</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2445</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1940</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">%</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1670</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; padding-top: 1pt"><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; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    coverage per $1,000</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43,354</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,832</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,451</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,400</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-top: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,705</FONT></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left; padding-top: 1pt"><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; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">
<TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="cefe001"></A>1</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">A
                                         special distribution from ECN Capital resulted in an increase in net investment income
                                         (loss) per share of $0.07 and an increase in the ratio of net investment income (loss)
                                         to average net assets of 0.51%.</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">
<TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="cefe002"></A>2</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><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's Distribution Reinvestment and Cash
                                         Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that
                                         the Fund's net asset value is used on the purchase, sale and dividend reinvestment dates
                                         instead of market value.</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">
<TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="cefe003"></A>3</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
                                         net assets over a 12-month basis.</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">
<TD STYLE="width: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A NAME="cefe004"></A>4</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's performance fees of 0.06%.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10pt"><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">&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
Micro-Cap 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; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royce &amp; Associates, LP, the Fund&rsquo;s investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and 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-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 4pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VALUATION
OF INVESTMENTS:&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio
securities held by the Fund are valued as of the close of trading on the New York Stock Exchange (&ldquo;NYSE&rdquo;) (generally
4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values
for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange
rates as quoted by a major bank.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity
securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.&rsquo;s OTC Link ATS or other alternative
trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on
a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation
date. Such inputs are generally referred to as &ldquo;Level 1&rdquo; inputs because they represent reliable quoted prices in active
markets for identical securities.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">If
the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio
security will be &ldquo;fair valued.&rdquo; The Fund&rsquo;s Board of Directors has designated Royce as valuation designee to
perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act
of 1940 (&ldquo;Rule 2a-5&rdquo;). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures
approved by the Fund's Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for
the Fund. Fair valued securities are reported as either &ldquo;Level 2&rdquo; or &ldquo;Level 3&rdquo; securities.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, no assurance can be given that a fair value
assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale.
When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from
the quoted or published prices for the same securities.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level
2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable
characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund
on a particular valuation date include:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Over-the-counter
                                         equity securities other than those traded on OTC Market Group Inc.&rsquo;s OTC Link ATS
                                         or other alternative trading system (collectively referred to herein as &ldquo;Other
                                         OTC Equity Securities&rdquo;) are fair valued at their highest bid price when Royce receives
                                         at least two bid side quotes from dealers who make markets in such securities;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 10.1pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Certain
                                         bonds and other fixed income securities may be fair valued by reference to other securities
                                         with comparable ratings, interest rates, and maturities in accordance with valuation
                                         methodologies maintained by certain independent pricing services; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 10.1pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
                                         Fund uses an independent pricing service to fair value certain non-U.S. equity securities
                                         when 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 such non-U.S. securities.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 10.1pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level
3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for
a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market
price information regarding other securities; information received from the issuer and/or published documents, including SEC filings
and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures,
Royce may use</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><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: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 33</FONT></P>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10pt"><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">&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
Micro-Cap 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">VALUATION
OF INVESTMENTS (continued):</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: 9pt">various
techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i)
workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm
or probable offers from qualified buyers for the issuer&rsquo;s ongoing business, etc.); (ii) discount or premium from market,
or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily
available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or
other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic
worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting
from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from
the values that would have been used had an active market existed.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several
reasons, including if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">an
                                         equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group
                                         Inc.&rsquo;s OTC Link ATS or other alternative trading system, has not traded and there
                                         are no bids;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royce
                                         does not receive at least two bid side quotes for an Other OTC Equity Security;</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         independent pricing services are unable to supply fair value prices; or</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant
                                         event occurs after the close of trading for a security but prior to the time the Fund
                                         prices its shares).</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of December
31, 2022. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology
used for valuing securities are not necessarily an indication of the risk associated with owning those securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 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: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 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: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 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: 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>TOTAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 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-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$465,000,115</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;5,317,521</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$225,680</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$470,543,316</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Preferred
    Stock</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92,857</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>92,857</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diversified
    Investment Companies</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,449,157</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,449,157</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt 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-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,592,581</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,592,581</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: 9pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level
3 Reconciliation</B>:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNREALIZED
    GAIN (LOSS) <SUP>1</SUP></B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><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: 13%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENTLY
    HELD</B></FONT></TD>
    <TD STYLE="width: 14%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SECURITIES
    NO</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/21</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PURCHASES</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SALES</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS) <SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SECURITIES</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LONGER
    HELD</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AS
    OF 12/31/22</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$313,992</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$166,479</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(14,421)</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$92,588</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$225,680</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.125in; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">REPURCHASE
AGREEMENTS:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 as of December 31, 2022, is next business day and continuous.</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: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FOREIGN
CURRENCY:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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'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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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-align: justify"><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: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34
<FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</FONT></P>

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


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<P STYLE="margin-top: 0; margin-bottom: 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
Micro-Cap 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">TAXES:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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-align: justify; text-indent: 10pt"><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:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><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; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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-align: justify; text-indent: 10pt"><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; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund, while expenses applicable
to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses
related to all of the Royce 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-align: justify; text-indent: 10pt"><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; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Fund has an arrangement with its custodian bank, whereby a portion of the custodian's fee is paid indirectly by credits earned
on the Fund'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-align: justify; text-indent: 10pt"><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; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Fund issued 2,488,423 and 1,435,160 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2022,
and December 31, 2021, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Fund is party to a revolving credit agreement (the &ldquo;credit agreement&rdquo;) 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 pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and
in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged
as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value
of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the
credit agreement. As of December 31, 2022, the market value of eligible securities pledged as collateral exceeded two times the
loan balance outstanding.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><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">2022
Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 35</FONT></P>

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


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    <TD STYLE="width: 100%; border: Black 1pt solid; 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">&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
Micro-Cap 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>Borrowings
(continued):</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
maximum amount the Fund may borrow under the credit agreement is $22,000,000. 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 $60,000,000.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
of December 31, 2022, the Fund had outstanding borrowings of $11,000,000. During the year ended December 31, 2022, the Fund had
an average daily loan balance of $21,517,808 at a weighted average borrowing cost of 2.87%. The maximum loan balance outstanding
during the year ended December 31, 2022, was $22,000,000. As of December 31, 2022, the aggregate value of rehypothecated securities
was $6,798,907. During the year ended December 31, 2022, the Fund earned $5,358 in fees from rehypothecated securities.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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. The fee is payable monthly.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 &quot;performance period&quot;). 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.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
the twelve rolling 36-month periods in 2022, the Fund&rsquo;s investment performance ranged from 13% above to 20% above the investment
performance of the Russell 2000. Accordingly, the net investment advisory fee consisted of a Basic Fee of $4,755,184 and a net
upward adjustment of $2,377,591 for the performance of the Fund relative to that of the Russell 2000. For the year ended December
31, 2022, the Fund expensed Royce investment advisory fees totaling $7,132,775.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
the year ended December 31, 2022, the costs of purchases and proceeds from sales of investment securities, other than short-term
securities, amounted to $123,158,346 and $122,028,178, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cross
trades may be 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 or an affiliate of Franklin Resources, Inc. 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 that review to the Board of Directors. Cross trades for the year ended December 31,
2022, were as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid; text-align: center; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COSTS
    OF PURCHASES</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid; text-align: center; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PROCEEDS
    FROM SALES</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6,763,965</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</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: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><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: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributions
during the years ended December 31, 2022 and 2021, were characterized as follows for tax purposes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 66%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    INCOME</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LONG-TERM
    CAPITAL GAINS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RETURN
    OF CAPITAL</B></FONT></TD></TR>
<TR STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="width: 11%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 11%; text-indent: 10.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
<TR STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3,507,505</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,932,223</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$39,820,351</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$32,253,561</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$396,334</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt"><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: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36
<FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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    <TD STYLE="width: 100%; border: Black 1pt solid; 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">&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
Micro-Cap 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>Tax
Information (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; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
tax basis components of distributable earnings as of December 31, 2022, were as follows:&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 83%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 15%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>QUALIFIED
    LATE YEAR</B></FONT></TD>
    <TD STYLE="width: 13%; text-indent: 10.1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><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-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    UNREALIZED</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    AND</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 10.1pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED
    LONG-TERM</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>APPRECIATION</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>POST-OCTOBER
    LOSS</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 10.1pt; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DISTRIBUTABLE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    INCOME</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CAPITAL
    GAINS</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(DEPRECIATION)<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DEFERRALS<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EARNINGS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$91,510,629</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(26,010,064)</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$65,500,565</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.125in; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.125in; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022, the Fund recorded the following permanent reclassifications,
which relate primarily to net operating losses, foreign currency transactions and return of capital:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 10pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    DISTRIBUTABLE EARNINGS (LOSS)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 10.1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PAID-IN
    CAPITAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3,805,407</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; text-indent: 10.1pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(3,805,407)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Management
has analyzed the Fund&rsquo;s tax positions taken on federal income tax returns for all open tax years (2019-2022) and has concluded
that as of December 31, 2022, 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; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 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; text-indent: 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Subsequent
events have been evaluated through the date the financial statements were issued and it has been determined that no events have
occurred that require disclosure.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt"><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: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022
Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 37</FONT></P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: black; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 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: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>To
the Board of Directors and Stockholders of Royce Micro-Cap Trust, Inc.:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Opinion
on the Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Royce Micro-Cap Trust,
Inc. (the &quot;Fund&quot;) as of December 31, 2022, the related statements of operations and cash flows for the year ended December
31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the
related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial highlights
for each of the five years in the period ended December 31, 2022 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; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Basis
for Opinion</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022 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; text-align: justify; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">/s/PricewaterhouseCoopers
LLP</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New
York, New York&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February
22, 2023</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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; text-indent: 10pt"><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: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38
<FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</FONT></P>

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Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 39</FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">MANAGERS&rsquo; DISCUSSION (UNAUDITED)</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Royce Value Trust (RVT)</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="cef020.jpg" ALT=""></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 0pt"><B>Andrew Palen, Lauren Romeo, CFA<SUP>&reg;</SUP></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Chuck Royce, Steven McBoyle</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="cefa009"></A><FONT STYLE="font-size: 9pt; color: #417B7C"><B>FUND
PERFORMANCE</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Royce
Value Trust (&ldquo;RVT&rdquo;) was down -21.2% on a net asset value (&ldquo;NAV&rdquo;) basis and -26.0% on a market price basis
in 2022 versus respective losses of -20.4% and -16.2% for its unleveraged small-cap benchmarks, the Russell 2000 and S&amp;P SmallCap
600 Indexes, for the same period. </B>Longer-term relative results were better, however, as RVT outperformed the Russell 2000
on both an NAV and market price basis for the three-, five-, 10-, 25-, 30-, 35-year, and since inception (11/26/86) periods ended
12/31/22.</FONT></P>

<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-size: 9pt; color: #417B7C"><B>WHAT WORKED&hellip;
AND WHAT DIDN&rsquo;T</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ten
of the Fund&rsquo;s 11 equity sectors finished the year in the red, with the largest detractions coming from Information Technology,
Industrials, and Consumer Discretionary. Energy made a small positive contribution while the smallest detractions came from Utilities
and Consumer Staples. Two areas in Information Technology&mdash;semiconductors &amp; semiconductor equipment and electronic equipment,
instruments &amp; components&mdash;were among the top three detractors at the industry level, along with real estate management
&amp; development (Real Estate). RVT&rsquo;s top-contributing industries were the metals &amp; mining group (Materials), oil,
gas &amp; consumable fuels (Energy), and electrical equipment (Industrials).</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s top detractor was MKS Instruments, which makes components, subsystems, and process control solutions that measure,
power, and monitor semiconductor manufacturing processes. The company reduced earnings guidance on continued shipment delays due
to industry supply chain issues, followed by a drop-off in orders as slowing consumer electronics demand and more cautious IT spending
looked likely to cause declines in wafer fabrication equipment spending in 2023 as semiconductor manufacturers rebalance chip
inventories. While it may take several quarters to work through these cyclical pressures, we believe longer-term secular tailwinds
remain intact. Semiconductor usage continues to proliferate and, at the leading edge, semiconductors are becoming more complex
to manufacture. AutoCanada, a multi-location North American automobile business, was a top contributor in 2021 before detracting
in 2022 due to a range of industry challenges, including original equipment manufacturing production delays and inventory constraints
that appeared to outweigh its effective operations in a challenging time for
its industry. FormFactor designs, develops, manufactures, sells, and supports precision, high-performance, advanced semiconductor
wafer probe cards. The stock declined after the company guided to a weaker third-quarter outlook due to reduced demand for foundry
and logic probe cards from several large customers.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: #D6E7EF; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><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 COLSPAN="2" STYLE="vertical-align: bottom"><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: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top
    Contributors to Performance</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Top
    Detractors from Performance</B></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&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 COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
    2022 (%)<SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For
    2022 (%)<SUP>2</SUP></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: 3pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 41%; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Richardson Electronics</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.41</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MKS Instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.92</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alamos Gold Cl A</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.33</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AutoCanada</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.67</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Valmont Industries</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.32</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FormFactor</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.59</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorian LPG</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.25</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; border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FARO Technologies</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.55</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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: bottom; border-bottom: #B3B3B3 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Calix</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 2.25pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.20</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; border-bottom: #B3B3B3 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SiTime Corporation</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B3B3B3 2.25pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-0.53</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP> Includes dividends</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP> Net of dividends</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5pt"><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>
</TABLE>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
portfolio&rsquo;s top contributor was Richardson Electronics, which distributes electronic components, including electron tubes,
microwave generators, and power semiconductors. Its shares rose in October when the company announced its ninth consecutive quarter
of sequential revenue growth due to improvements in all four of its business units, including its new Green Energy Solutions segment.
Headquartered in Canada, Alamos Gold operates three mines in North America and has development stage projects in Canada, Mexico,
Turkey, and the U.S. Its shares also took off in October when it reported 3Q22 results that featured its highest increase in production
in two years while also reaffirming a confident outlook. Valmont Industries manufactures fabricated metal products, metal and concrete
pole and tower structures, and mechanized irrigation systems. It had healthy earnings throughout most of 2022, driven by continued
investments in grid resiliency and infrastructure upgrades, steady demand for renewable power and clean energy solutions, and
the 5G network transition.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RVT&rsquo;s relative disadvantage versus the Russell 2000 came entirely from sector allocation in 2022,
as stock selection was additive. At the sector level, relative results were hurt most by our lower exposures to both Energy and
Utilities, as well as a combination of stock selection and our lower weighting in Financials. Conversely, five equity sectors contributed
to relative performance. Relative results were helped by both stock picking and our larger weighting in Materials and Industrials,
while our lower exposure helped in Health Care, as did the Fund&rsquo;s cash holdings.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt; color: #417B7C"><B>CURRENT POSITIONING
AND OUTLOOK</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
routinely examine past performance patterns to help us make sense of the present as we prepare for the uncertain days ahead. The
Russell 2000 fell -31.9% from 11/8/21 through the current bottom on 6/16/22, which places it precisely at the average of Russell
2000 downturns of 15% or more since the index&rsquo;s inception. Over that 44-year span, only three bear markets went markedly
deeper than this one by falling at least another 10%. Each of these downturns was exacerbated by a monumental negative event:
the Great Financial Crisis led to small-cap losses of -58.9% from 7/13/07-3/9/09; the bursting Internet Bubble saw the Russell
2000 down -44.1% from 3/9/00-10/9/02; and the Covid pandemic deepened the small-cap index decline of -41.8% from 8/31/18-3/18/20.
As difficult as these markets were, each presented investors with an important opportunity to build their small-cap allocation
because in each case the subsequent recovery was robust&mdash;but it was much more rewarding for those who stayed invested. Regardless
of what happens in the near term, then, we see the current period of uncertainty as a highly opportune time to actively invest
in select small caps for the long run.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</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: 8pt; color: #231F20">40
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #949698">| </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">2022
Annual Report to Stockholders</FONT></P>

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<TR STYLE="vertical-align: top; background-color: black">
    <TD STYLE="width: 100%; border: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-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 STYLE="width: 49%; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PERFORMANCE
    AND PORTFOLIO REVIEW (UNAUDITED)</FONT></TD>
    <TD STYLE="width: 51%; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #417B7C"><B>SYMBOLS
    </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;MARKET PRICE </FONT></B><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">RVT
    <B>NAV </B>XRVTX</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Performance</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Average Annual Total Return (%) Through 12/31/22</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>JUL-DEC 2022<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3-YR</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25-YR</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>30-YR</B></FONT></TD>
    <TD STYLE="width: 26%; text-align: center; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SINCE INCEPTION (11/26/86)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RVT (NAV)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.17</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-21.24</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.81</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.14</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.23</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.49</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.35</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.57</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.78</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 4pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>1</SUP> Not Annualized</FONT></TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Market Price Performance History Since Inception (11/26/86)</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cumulative Performance of Investment through 12/31/22<SUP>1</SUP></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border-bottom: #B3B3B3 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1-YR</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5-YR</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10-YR</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15-YR</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20-YR</B></FONT></TD>
    <TD STYLE="width: 26%; border-bottom: #B3B3B3 1pt solid; 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="vertical-align: bottom">
    <TD STYLE="border-bottom: #B3B3B3 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RVT</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-26.0%</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.4%</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">152.1%</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">148.1%</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">444.3%</FONT></TD>
    <TD STYLE="border-bottom: #B3B3B3 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2592.2%</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="cef021.jpg" ALT=""></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 8.65pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify">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's rights offerings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 8.65pt"><SUP>2</SUP></TD><TD STYLE="text-align: justify">Reflects the actual month-end market price movement of one share as it has traded on the NYSE.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Morningstar Style Map&trade;</B></FONT> As of 12/31/22</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="cef022.jpg" ALT=""></P>

<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: justify">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's ownership zone may vary. See page 63
for additional information.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Value of $10,000</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Invested on 11/26/86 as of 12/31/22 ($)</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><IMG SRC="cef023.jpg" ALT=""></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Top 10 Positions</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 8pt">% of Net Assets</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KBR</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</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">Alamos Gold Cl. A</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</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">Quaker Houghton</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.3</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">Valmont Industries</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.2</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">SEI Investments</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.1</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">Element Solutions</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.1</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">Kennedy-Wilson Holdings</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.1</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">MKS Instruments</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.1</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">Forward Air</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kadant</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Portfolio Sector Breakdown</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 8pt">% of Net Assets</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrials</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.4</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">Information Technology</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.2</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">Financials</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.9</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">Materials</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.5</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">Consumer Discretionary</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.8</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">Health Care</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.8</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">Real Estate</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.6</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">Communication Services</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.0</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">Energy</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.5</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">Consumer Staples</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1</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">Utilities</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.1</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">Diversified Investment Companies</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash and Cash Equivalents, Net of</FONT></TD>
    <TD STYLE="padding-right: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Outstanding Line of Credit</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.1</FONT></TD></TR>
</TABLE>

<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 -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Calendar Year Total Returns (%)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%; border-bottom: #A7A9AC 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>YEAR</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; border-bottom: #A7A9AC 1pt solid; padding-right: 5pt; padding-top: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RVT</B></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">2022</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-21.2</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">2021</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.0</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">2020</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.9</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30.5</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-14.4</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.4</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.8</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-8.1</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.8</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34.1</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.4</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-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-10.1</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">2010</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30.3</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">2009</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2008</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-45.6</FONT></TD></TR>
</TABLE>
<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 -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Portfolio Diagnostics</B></FONT></TD>
    <TD STYLE="width: 40%; padding-bottom: 8pt"><FONT STYLE="font-size: 9pt">&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">Fund Net Assets</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,605 million</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">Number of Holdings</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">477</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">Turnover Rate</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: #A7A9AC 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60%</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; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$14.61</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">Market Price</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$13.26</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">Average Market Capitalization <SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,441 million</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">Weighted Average P/E Ratio <SUP>2,3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.1x</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">Weighted Average P/B Ratio <SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1x</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">Active Share <SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82%</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">U.S. Investments (% of Net Assets)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 2pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-U.S. Investments (% of Net Assets)</FONT></TD>
    <TD STYLE="border-bottom: #A7A9AC 2pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.1%</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 8.65pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 8.65pt"><SUP>2</SUP></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 8.65pt"><SUP>3</SUP></TD><TD STYLE="text-align: justify">The Fund&rsquo;s P/E ratio calculation excludes companies with zero or negative earnings (12% of
portfolio holdings as of 12/31/22).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 8.65pt"><SUP>4</SUP></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Important Performance and Risk
Information</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">All performance information reflects
past performance, is presented on a total return basis, net of the Fund&rsquo;s investment advisory fee, reflects the reinvestment
of distributions and does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of
Fund shares. 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 12/31/22 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 2022.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(35,31,32)">2022 Annual Report to Stockholders <FONT STYLE="color: gray">|</FONT> 41</FONT></P>

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    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<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">
    <TD STYLE="width: 50%">
<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></TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: top">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>
</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B></B></FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B><A NAME="cefa010"></A>Schedule
of Investments</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Common
Stocks &ndash; 93.8%</FONT></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(153,153,153) 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: rgb(153,153,153) 1pt solid; text-align: center">SHARES</TD><TD STYLE="font-weight: bold; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: rgb(153,153,153) 1pt solid; text-align: center">VALUE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">COMMUNICATION SERVICES &ndash; 3.0%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">DIVERSIFIED TELECOMMUNICATION 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cogent Communications Holdings <SUP><A HREF="#ceff002">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">59,784</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">3,412,471</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Frontier
    Communications Parent <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,937,349</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liberty Latin America Cl. C <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">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">73,228</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">556,533</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">9,906,353</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">ENTERTAINMENT - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IMAX Corporation <SUP><A HREF="#ceff003">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">17,950</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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">263,147</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">INTERACTIVE MEDIA &amp; SERVICES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Cars.com <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,431</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,388,145</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">QuinStreet <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,154</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,929,610</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">Shutterstock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,060,252</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Yelp <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">866,869</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ziff
    Davis <A HREF="#ceff002"><SUP>1</SUP></A><SUP>,</SUP><A HREF="#ceff003"><SUP>2</SUP></A></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">198,390</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">15,692,649</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">22,937,525</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">MEDIA - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Cable One</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,741,478</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Loyalty Ventures <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,013</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Magnite <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334,115</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Scholastic Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,567,193</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TechTarget <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,683,416</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Thryv Holdings <SUP><A HREF="#ceff003">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">94,004</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,786,076</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in; text-indent: -0.125in; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt; border-bottom: rgb(153,153,153) 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(153,153,153) 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: rgb(153,153,153) 1pt solid; font-weight: bold; text-align: right">15,199,291</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total (Cost $58,942,846)</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">48,306,316</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">CONSUMER DISCRETIONARY &ndash; 9.8%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">AUTO COMPONENTS - 1.6%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorman Products <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,552,087</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fox Factory Holding Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">383,166</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gentex Corporation <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,457,272</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LCI Industries <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,077,605</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patrick Industries <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,869,713</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Standard Motor Products <SUP><A HREF="#ceff002">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">2,400</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">83,520</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">25,423,363</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">AUTOMOBILES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Winnebago 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">11,524</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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">607,315</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">DISTRIBUTORS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LKQ Corporation <SUP><A HREF="#ceff002">1</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">3,856,202</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Pool Corporation</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">15,295</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">4,624,137</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">8,480,339</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">DIVERSIFIED CONSUMER SERVICES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>frontdoor <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421,679</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Perdoceo Education <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">529,256</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Stride <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">428,849</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Universal Technical Institute <SUP><A HREF="#ceff003">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">639,032</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">4,294,295</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">5,674,079</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">HOTELS, RESTAURANTS &amp; LEISURE - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bloomin' Brands <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,038,333</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Century Casinos <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,711</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">743,148</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Chuy's Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">278,812</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Denny's Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,150,421</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Golden Entertainment <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,049,968</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindblad Expeditions Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,877,490</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Monarch Casino &amp; Resort <SUP><A HREF="#ceff003">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">11,171</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">858,938</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">7,997,110</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">HOUSEHOLD DURABLES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cavco Industries <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,834</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,808,692</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ethan Allen Interiors <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,643,694</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helen of Troy <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">460,055</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Installed Building Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,206</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,472,833</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: 71%; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Skyline Champion <SUP><A HREF="#ceff003">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">17,880</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">920,999</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tupperware Brands <SUP><A HREF="#ceff003">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">37,236</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">154,157</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">8,460,430</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">INTERNET &amp; DIRECT MARKETING RETAIL - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liquidity Services <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">451,593</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1-800-FLOWERS.COM Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">726,560</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">PetMed Express</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">409,897</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Xometry Cl. A <SUP><A HREF="#ceff003">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">8,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">257,840</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">1,845,890</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">LEISURE PRODUCTS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brunswick Corporation <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,643,363</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Topgolf Callaway Brands <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">592,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vista Outdoor <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">558,755</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">YETI Holdings <SUP><A HREF="#ceff003">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">7,898</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">326,267</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">9,120,885</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">MULTILINE RETAIL - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Franchise Group 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">77,639</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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">1,849,361</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">SPECIALTY RETAIL - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Academy Sports and Outdoors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,755,921</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">America's Car-Mart <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,045,350</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asbury Automotive Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,462,465</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AutoCanada <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">635,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,933,664</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Camping World Holdings Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,229,802</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CarMax <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">481,031</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chico's FAS <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">746</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,670</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Children's Place (The) <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">430,157</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Five Below <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,302,563</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Floor &amp; Decor Holdings Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,007,093</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Genesco <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">271,426</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Group 1 Automotive</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,402,889</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Haverty Furniture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">620,365</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>JOANN</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,731</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MarineMax <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,270,373</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Murphy USA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,829,550</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OneWater Marine Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,725</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shoe Carnival <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,261</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269,251</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Signet Jewelers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,765,652</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sleep Number <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,757</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zumiez <SUP><A HREF="#ceff003">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">47,855</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,040,368</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">66,900,803</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">TEXTILES, APPAREL &amp; LUXURY GOODS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">Carter&rsquo;s</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">279,788</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fossil Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,102</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172,840</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">G-III Apparel Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">621,337</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Kontoor Brands</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,406</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,975,746</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Levi Strauss &amp; Co. Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,714</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Movado Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,247</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,459,216</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Oxford Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">891,919</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Ralph Lauren Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126,632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,381,203</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Steven Madden</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,968</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,277,377</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vera Bradley <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,966</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wolverine World Wide <SUP><A HREF="#ceff002">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">35,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">384,353</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">20,749,459</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total (Cost $149,686,803)</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">157,109,034</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">CONSUMER STAPLES &ndash; 2.1%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">BEVERAGES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Celsius Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">468,180</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">December
31, 2022<B></B></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: left"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Schedule
of Investments (continued)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&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: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: #999999 1pt solid; text-align: center">SHARES</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: #999999 1pt solid; text-align: center">VALUE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">CONSUMER STAPLES (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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">BEVERAGES (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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Coca-Cola Consolidated</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7,172</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">3,674,646</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>National Beverage <SUP><A HREF="#ceff003">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">17,803</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">828,374</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">4,971,200</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">FOOD PRODUCTS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CubicFarm Systems <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">950,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,130</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Freshpet <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,741,410</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">J G Boswell Company <SUP><A HREF="#ceff005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,388,400</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">John B. Sanfilippo &amp; Son</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">365,940</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nomad Foods <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,475,664</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Seneca Foods Cl. A <SUP><A HREF="#ceff003">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">183,460</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">11,181,887</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">19,209,431</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">HOUSEHOLD PRODUCTS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Spectrum Brands Holdings</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">1,333</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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">81,206</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">PERSONAL PRODUCTS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inter Parfums <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,816,672</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USANA Health Sciences <SUP><A HREF="#ceff003">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">19,382</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,031,123</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">8,847,795</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">TOBACCO - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Vector Group</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">75,406</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">894,315</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total (Cost $22,793,207)</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">34,003,947</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">ENERGY &ndash; 2.5%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">ENERGY EQUIPMENT &amp; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bristow Group <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,573,141</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Core Laboratories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,578</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helix Energy Solutions Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,445</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,737,584</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Pason Systems</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">306,169</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">3,604,383</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">10,123,686</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">OIL, GAS &amp; CONSUMABLE FUELS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Antero Resources <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,367,636</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">CONSOL Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,980</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorchester Minerals L.P. <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279,148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,354,900</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Dorian LPG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">394,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,484,037</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Laredo Petroleum <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,294</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Magnolia Oil &amp; Gas Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,516,185</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Northern Oil and Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,394,714</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REX American Resources <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,129,501</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">SM Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">915,298</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Southwestern Energy <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">439,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,571,215</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">World Fuel Services <SUP><A HREF="#ceff002">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">50,913</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,391,452</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">29,770,212</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total (Cost $30,342,672)</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">39,893,898</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">FINANCIALS &ndash; 13.6%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">BANKS - 3.8%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ameris Bancorp <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">908,294</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank of N.T. Butterfield &amp; Son <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,101,100</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BankUnited <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,828</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,715,987</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Brookline Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,248</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">626,109</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Central Pacific Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">968,816</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Customers Bancorp <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,961</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,160,835</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Dime Community Bancshares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,124,076</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Eagle Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,614</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Farmers &amp; Merchants Bank of Long Beach <SUP><A HREF="#ceff005">4</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">416</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,102,116</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">First BanCorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332,056</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">First Bancshares (The)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">404,414</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">First Citizens BancShares Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,705,901</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">First Hawaiian <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,656</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,173,002</TD></TR>
</TABLE>

<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: 71%; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Hanmi Financial</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">148,394</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,672,752</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">HBT Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">790,628</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Heritage Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,449</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">412,077</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Hilltop Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,150,433</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Home BancShares</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">421,159</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">HomeStreet</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,057,638</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Independent Bank Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,720,486</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Origin Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355,953</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Pacific Premier Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,484</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,246,115</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Preferred Bank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,988</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">521,445</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">TowneBank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341,029</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Triumph Financial <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,213,740</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Virginia National Bankshares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,979,076</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Webster Financial <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,353,028</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Wintrust Financial</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">11,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">929,720</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">60,708,599</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">CAPITAL MARKETS - 5.4%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ares Management Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,382,348</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Artisan Partners Asset Management Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,195,421</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">B. Riley Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,675,971</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Barings BDC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,594</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,561,491</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Blue Owl Capital Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">592,540</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Bolsa Mexicana de Valores</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,723,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,336,299</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">BrightSphere Investment Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,094</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434,114</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Donnelley Financial Solutions <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,548</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,335,280</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">GCM Grosvenor Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">920,665</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,006,261</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Houlihan Lokey Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,136,888</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lazard Cl. A <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,954,521</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MarketWise Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">840,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Moelis &amp; Company Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">805,770</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morningstar <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">897,116</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Newtek Business Services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">272,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,420,341</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Onex Corporation</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">964,402</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">P10 Cl. A</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">213,400</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Piper Sandler</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">803,533</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SEI
    Investments <A HREF="#ceff002"><SUP>1</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">308,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,008,870</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Silvercrest Asset Management Group Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,207</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">Sprott</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,531,654</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Tel Aviv Stock Exchange</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">421,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,516,218</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">TMX Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,823,386</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Tradeweb Markets 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">127,620</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">8,286,367</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">86,805,398</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">CONSUMER FINANCE - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Encore Capital Group <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,501,845</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Enova International <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,888,917</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PROG Holdings <SUP><A HREF="#ceff003">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">33,701</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">569,210</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">4,959,972</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">DIVERSIFIED FINANCIAL SERVICES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Banco Latinoamericano de Comercio Exterior Cl.
    E</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,446</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,189,825</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Compass Diversified Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">461,565</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">ECN Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">888,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,824,863</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Equitable Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">861,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Waterloo Investment Holdings <SUP><A HREF="#ceff003">2</A>,<A HREF="#ceff006">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">2,972,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">832,160</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">5,169,413</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -0.125in">INSURANCE - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American
    Equity Investment Life Holding Company <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,948</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,776,808</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 40%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2022 Annual Report to Stockholders<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>43</FONT></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce
Value Trust</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Schedule
of Investments (continued)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #999999 1pt solid">SHARES</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #999999 1pt solid">VALUE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">FINANCIALS (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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">INSURANCE (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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; padding-left: 0.25in; text-indent: -0.125in">AMERISAFE</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,177</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">165,109</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Assured Guaranty</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,857,734</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Axis Capital Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,613</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">466,566</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">E-L Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,102,880</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Erie Indemnity Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,621,072</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">First American Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,214,707</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hagerty Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">410,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,453,987</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">International General Insurance Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">872,064</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">James River Group Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,750</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ProAssurance Corporation <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216,559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,783,286</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">RenaissanceRe Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,823</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,204,681</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RLI Corp. <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,881,931</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Safety Insurance Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,028,726</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stewart Information Services <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,871</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,831,878</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trean Insurance Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,042,110</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">White Mountains Insurance Group</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">920</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,301,183</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">50,769,472</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">THRIFTS &amp; MORTGAGE FINANCE - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Axos Financial <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">567,491</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mr. Cooper Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">839,078</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">New York Community Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,086,635</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NMI Holdings Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,583,300</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Territorial Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">408</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Timberland Bancorp</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,343,282</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">WSFS Financial</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">10,052</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">455,758</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">9,875,952</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total (Cost $199,662,587)</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">218,288,806</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">HEALTH CARE &ndash; 9.8%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">BIOTECHNOLOGY - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Avid Bioservices <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,451,060</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Catalyst Pharmaceuticals <SUP><A HREF="#ceff003">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">239,940</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Coherus BioSciences <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">845,064</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dynavax Technologies <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,186,009</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Eagle Pharmaceuticals <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">964,005</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Ironwood Pharmaceuticals Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,524,760</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PureTech Health <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,944</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>REGENXBIO <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,785,324</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">United Therapeutics <SUP><A HREF="#ceff003">2</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">2,780,900</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vanda Pharmaceuticals <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,689</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Vir Biotechnology <SUP><A HREF="#ceff003">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">50,934</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,289,140</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">14,490,835</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">HEALTH CARE EQUIPMENT &amp; SUPPLIES - 4.3%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Atrion Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,052,885</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bioventus Cl. A <SUP><A HREF="#ceff003">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">130,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cutera <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">952,941</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Embecta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">896,227</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Enovis
    Corporation <A HREF="#ceff003"><SUP>2</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,871,067</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Haemonetics Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,377</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,894,651</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Integer Holdings Corporation <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,182,422</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lantheus Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,811,808</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meridian Bioscience <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,553,543</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mesa Laboratories <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,883,587</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Neogen Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,585,443</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">QuidelOrtho <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,055,319</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">STAAR Surgical <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">303,375</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Surmodics <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,493,320</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>TransMedics Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,764,920</TD></TR>
</TABLE>

<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: 71%; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UFP Technologies <SUP><A HREF="#ceff003">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">1,890</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">222,812</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Varex Imaging <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,831</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Zynex</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">73,698</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,025,139</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">68,933,790</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">HEALTH CARE PROVIDERS &amp; 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Addus HomeCare <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,210,992</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AMN Healthcare Services <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">631,212</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Community Health Systems <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">853,788</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CorVel Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">502,260</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fulgent Genetics <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">691,164</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Select Medical Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,381,197</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">U.S. Physical Therapy</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">45,127</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">3,656,641</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">9,927,254</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">HEALTH CARE TECHNOLOGY - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Certara <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,855,595</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Doximity Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,703,594</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Simulations Plus <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,263,610</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Veradigm <SUP><A HREF="#ceff003">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">30,810</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">543,488</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">9,366,287</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">LIFE SCIENCES TOOLS &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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Azenta <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">219,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,756,002</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bio-Techne <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,817,980</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Harvard Bioscience <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282,679</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>NeoGenomics <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,770</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Repligen Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,779</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,782,562</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Stevanato Group</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">464,456</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">8,346,274</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">36,371,267</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">PHARMACEUTICALS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cara Therapeutics <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,172,702</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Collegium Pharmaceutical <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,867</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corcept Therapeutics <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256,066</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,200,701</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Harmony Biosciences Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,081,542</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Innoviva <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,637</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,214,190</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Prestige Consumer Healthcare <SUP><A HREF="#ceff003">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">56,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">3,524,380</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">17,529,382</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total (Cost $142,769,339)</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">156,618,815</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">INDUSTRIALS &ndash; 24.4%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">AEROSPACE &amp; DEFENSE - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aerojet Rocketdyne Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,472</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921,279</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AeroVironment <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,999</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ducommun <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,615,407</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HEICO Corporation <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,767,449</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HEICO Corporation Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,533</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,378,480</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Leonardo DRS <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312,854</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Magellan Aerospace</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">893,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,595,953</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">National Presto Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">528,853</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Park Aerospace</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">753,924</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Woodward <SUP><A HREF="#ceff002">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">28,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">2,753,385</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">22,854,583</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">AIR FREIGHT &amp; LOGISTICS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Atlas Air Worldwide Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,174,018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forward
    Air <A HREF="#ceff002"><SUP>1</SUP></A></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">152,900</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">16,037,681</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">17,211,699</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">AIRLINES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sun Country Airlines Holdings <SUP><A HREF="#ceff003">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">88,126</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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">1,397,678</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">BUILDING PRODUCTS - 2.2%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">AAON</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">444,388</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&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; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December
31, 2022</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Schedule
of Investments (continued)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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="padding-left: 0.25in; text-indent: -0.125in; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: #999999 1pt solid; text-align: center">SHARES</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: #999999 1pt solid; text-align: center">VALUE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">BUILDING PRODUCTS (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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in; width: 71%"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Advanced Drainage Systems</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">129,388</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">10,605,934</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Apogee Enterprises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,865</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Builders FirstSource <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,124,296</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Carlisle Companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">659,820</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">CSW Industrials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,741,537</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gibraltar Industries <SUP><A HREF="#ceff003">2</A></SUP></FONT></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">183,520</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Insteel Industries <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">656,324</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PGT Innovations <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,199</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398,694</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Quanex Building Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">517,337</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Resideo Technologies <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">316,268</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Simpson Manufacturing <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,016,298</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">UFP Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,344</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,525,762</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Zurn Elkay Water Solutions</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">120,730</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">2,553,440</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">35,310,483</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">COMMERCIAL SERVICES &amp; SUPPLIES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>ACV Auctions Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">663,368</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brady Corporation Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,902,652</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CompX International Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,385,480</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Driven Brands Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">311,007</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,493,601</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>GFL Environmental <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,748,497</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Healthcare Services Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,612</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heritage-Crystal Clean <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,416</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,683,752</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>IAA <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,277,200</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Kimball International Cl. B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">484,900</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ritchie Bros. Auctioneers <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,024,509</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">VSE Corporation</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">21,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,007,920</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">38,933,491</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">CONSTRUCTION &amp; ENGINEERING - 4.1%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">APi Group <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">575,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,821,393</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Arcosa <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,483,797</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Comfort Systems USA <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,444</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,892,376</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">EMCOR Group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,235,946</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IES Holdings <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">333,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,848,332</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MasTec <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,472,863</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MYR Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">873,652</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Northwest Pipe <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,049</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">271,251</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Valmont
    Industries <A HREF="#ceff002"><SUP>1</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,261</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,265,165</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>WillScot Mobile Mini Holdings Corp. <SUP><A HREF="#ceff003">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">88,180</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">3,983,091</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">65,147,866</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">ELECTRICAL EQUIPMENT - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Atkore <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">442,338</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AZZ <SUP><A HREF="#ceff002">1</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">804,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Encore Wire</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,734,616</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">GrafTech International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,701</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,097</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">LSI Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">551,857</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,754,730</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Powell Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,881</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,071,433</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Preformed Line 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">73,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">6,105,157</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">19,920,371</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">MACHINERY - 6.4%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Albany International Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,676</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">658,187</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Allison Transmission Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,829</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,286</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ATS <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">470,948</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Chart Industries <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,340,518</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CIRCOR International <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,662,432</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Crane Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,218</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Douglas Dynamics</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,047</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">435,619</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>ESAB Corporation <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,506,127</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ESCO Technologies <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,506,266</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: 71%; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helios Technologies <SUP><A HREF="#ceff002">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">44,900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,444,356</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hillenbrand <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,174,022</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hillman Solutions <SUP><A HREF="#ceff003">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">360,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Hurco Companies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,941</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">John Bean Technologies <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,625,550</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kadant
    <A HREF="#ceff002"><SUP>1</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,958</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,801,610</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lincoln Electric Holdings <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,949,969</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lindsay
    Corporation <A HREF="#ceff002"><SUP>1</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,767,440</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Miller Industries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,660</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">817,396</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mueller Industries <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,764,513</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RBC Bearings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,665</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,210,368</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>SPX Technologies <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">476,094</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Standex International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,359,185</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tennant Company <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,956,385</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Watts Water Technologies Cl. A <SUP><A HREF="#ceff002">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">55,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">8,042,650</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">102,731,580</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">MARINE - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kirby Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,599,412</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Matson</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">11,547</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">721,803</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">9,321,215</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">PROFESSIONAL SERVICES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CBIZ <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,935</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Dun &amp; Bradstreet Holdings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">435,475</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exponent <SUP><A HREF="#ceff002">1</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">4,102,326</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Forrester Research <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">274,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,818,051</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Jacobs Solutions <SUP><A HREF="#ceff002">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">4,022,345</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KBR
    <A HREF="#ceff002"><SUP>1</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,482,240</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Kelly Services Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,346</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360,748</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Korn Ferry <SUP><A HREF="#ceff002">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">93,479</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">4,731,907</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">46,192,027</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">ROAD &amp; RAIL - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">ArcBest Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">938,326</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hertz Global Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,950</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Landstar
    System <A HREF="#ceff002"><SUP>1</SUP></A></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">90,232</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">14,698,793</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">15,714,069</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">TRADING COMPANIES &amp; DISTRIBUTORS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Air Lease Cl. A <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,157,193</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Applied Industrial Technologies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">289,869</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Boise Cascade <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489,411</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution Solutions Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,853</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">658,062</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>FTAI Aviation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,244</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,596,337</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GMS <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,885</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,289,073</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Hudson Technologies <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">522,364</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">MSC Industrial Direct Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,492</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,596</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SiteOne Landscape Supply <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</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">2,933,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transcat <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,363,515</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Veritiv</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">11,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,363,152</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">16,865,572</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total (Cost $270,495,291)</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">391,600,634</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">INFORMATION TECHNOLOGY &ndash; 14.2%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">COMMUNICATIONS EQUIPMENT - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Calix <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,399,782</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Clearfield <SUP><A HREF="#ceff003">2</A></SUP></FONT></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">376,560</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Digi International <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,398,038</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Extreme Networks <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,556,570</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Harmonic <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">634,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,311,950</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 40%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2022 Annual Report to Stockholders<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>45</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt 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">&nbsp;</P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Schedule
of Investments (continued)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #999999 1pt solid">SHARES</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #999999 1pt solid">VALUE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">COMMUNICATIONS EQUIPMENT (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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NetScout Systems <SUP><A HREF="#ceff003">2</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">96,524</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: #999999 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: #999999 1pt solid; text-align: right">3,137,995</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">23,180,895</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">ELECTRONIC EQUIPMENT, INSTRUMENTS &amp; COMPONENTS - 5.0%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Badger Meter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,173</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,109,162</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">Belden</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,981</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cognex Corporation <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,848,526</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Coherent <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,618</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,250,892</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">CTS Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">298,331</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fabrinet <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,870,876</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FARO Technologies <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,639,747</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IPG Photonics <SUP><A HREF="#ceff003">2</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">4,837,637</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kimball Electronics <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750,327</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Littelfuse <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,196,720</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Luna Innovations <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">804,285</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Mirion Technologies Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">826,250</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">National Instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,802,525</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PAR Technology <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315,239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,218,281</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Richardson Electronics</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">438,663</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,356,682</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rogers Corporation <SUP><A HREF="#ceff003">2</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">2,744,820</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sanmina Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,256,023</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Teledyne Technologies <SUP><A HREF="#ceff003">2</A></SUP></FONT></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">999,775</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TTM Technologies <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">248,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,742,856</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vishay Precision Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">767,202</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Vontier Corporation</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">108,760</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">2,102,331</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">79,431,229</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">IT SERVICES - 0.8%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Computer Task Group <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,010</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">582,195</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CSG Systems International <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,546</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">889,231</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">EVERTEC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,344</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,241,579</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ExlService Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">481,181</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hackett Group (The) <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">298,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,082,971</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Kyndryl Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">476,147</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Repay Holdings Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,053,391</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unisys Corporation <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">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">256,698</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">1,311,727</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">12,118,422</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">SEMICONDUCTORS &amp; SEMICONDUCTOR EQUIPMENT - 5.1%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Alpha and Omega Semiconductor <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,484</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,668</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ambarella <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">419,373</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Axcelis Technologies <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,582</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,792,108</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AXT <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464,718</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Camtek <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">577,548</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cirrus Logic <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</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">4,923,128</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cohu <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">708,626</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diodes <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,889,429</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FormFactor <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369,932</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,223,588</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impinj <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,688,735</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>indie Semiconductor Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></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">46,640</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kulicke &amp; Soffa Industries <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,681,458</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lattice Semiconductor <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,888,258</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MaxLinear <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,127,157</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">MKS Instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,899</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,022,172</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">NVE Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,625</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Onto Innovation <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,130,143</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Photronics <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,263,291</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Power Integrations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,965</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">714,690</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rambus <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,215,034</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SiTime Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,546,335</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SMART Global Holdings <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,769</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,023,283</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: 71%; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ultra Clean Holdings <SUP><A HREF="#ceff003">2</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">23,600</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: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: #999999 1pt solid; text-align: right">782,340</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">81,711,347</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">SOFTWARE - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adeia <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">570,345</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Agilysys <SUP><A HREF="#ceff003">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">1,313,724</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Alkami Technology <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,958,562</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Consensus Cloud Solutions <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,456,832</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Cvent Holding Corp. <SUP><A HREF="#ceff003">2</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">540,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Descartes Systems Group (The) <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">417,900</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">E2open Parent Holdings Cl. A <SUP><A HREF="#ceff003">2</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">587,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">InterDigital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,437,790</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>JFrog <SUP><A HREF="#ceff003">2</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">2,133,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Matterport Cl. A <SUP><A HREF="#ceff003">2</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">420,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">nCino <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,633,252</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Paycor HCM <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,647,320</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Procore Technologies <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,156,672</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Progress Software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,167,564</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Sapiens International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,385,649</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Sprout Social Cl. A <SUP><A HREF="#ceff003">2</A></SUP></FONT></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">451,680</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Teradata Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,482</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">824,064</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Upland Software <SUP><A HREF="#ceff003">2</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">713,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Xperi <SUP><A HREF="#ceff003">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">1,763</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">15,180</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">22,829,534</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">TECHNOLOGY HARDWARE, STORAGE &amp; PERIPHERALS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Avid Technology <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A>,<A HREF="#ceff004">3</A></SUP></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">300,820</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">7,998,804</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total (Cost $201,469,365)</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">227,270,231</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">MATERIALS &ndash; 9.7%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">CHEMICALS - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AdvanSix <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,324,617</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Vanguard <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,961</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,037,213</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aspen Aerogels <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">547,056</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chase Corporation <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,829</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,298,250</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Element
    Solutions <A HREF="#ceff002"><SUP>1</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">974,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,728,247</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">FutureFuel Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,316,710</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hawkins <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,471,684</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Innospec
    <A HREF="#ceff002"><SUP>1</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,454,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Minerals Technologies <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,476,806</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">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">2,488,880</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Quaker Houghton</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,060,944</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Tredegar Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,464</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">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">9,621</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">218,493</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">82,773,864</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">CONTAINERS &amp; PACKAGING - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Graphic Packaging Holding Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,487</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,586</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Silgan Holdings</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">5,385</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">279,158</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in; text-indent: -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: #999999 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; font-weight: bold; text-align: right">534,744</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">METALS &amp; MINING - 3.8%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Alamos Gold Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,195,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,198,224</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Gold Fields ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">536,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,552,775</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Haynes International <SUP><A HREF="#ceff002">1</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">5,204,091</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">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">1,786,428</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IAMGOLD Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,290,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Major
    Drilling Group International <A HREF="#ceff003"><SUP>2</SUP></A></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,662,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,920,728</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Materion Corporation</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">2,187,750</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>Newcrest Mining</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">474,325</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Reliance Steel &amp; Aluminum <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,704,652</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">SunCoke Energy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,374</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<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: 9pt">December
31, 2022</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"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Schedule
of Investments (continued)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VALUE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MATERIALS
    (continued)</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">METALS
    &amp; MINING (continued)</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 71%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">TimkenSteel
    Corporation <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">73,937</FONT></TD><TD STYLE="width: 1%; font: 8pt 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%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,343,435</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Warrior
    Met Coal</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,529</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,196,085</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">Worthington
    Industries <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,300</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,196,353</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; font: 8pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>61,114,220</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PAPER
    &amp; FOREST PRODUCTS - 0.7%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Glatfelter
    Corporation</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210,400</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">584,912</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Louisiana-Pacific</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,010</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,381,392</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mercer
    International</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,142</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">490,533</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stella-Jones</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132,350</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,742,704</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><A HREF="#ceff001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>&dagger;</SUP></FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sylvamo
    Corporation <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,696</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,928,829</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.125in; font: 8pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,128,370</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: #999999 1pt solid; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $113,541,063)</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>156,551,198</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REAL
    ESTATE &ndash; 4.6%</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EQUITY
    REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">New
    York REIT <SUP><A HREF="#ceff003">2</A>,<A HREF="#ceff006">5</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>166,950</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REAL
    ESTATE MANAGEMENT &amp; DEVELOPMENT - 4.6%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">Anywhere
    Real Estate <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">155,514</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">993,735</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Colliers
    International Group</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">154,310</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,202,692</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">Cushman
    &amp; Wakefield <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,000</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">311,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP><A HREF="#ceff001">&dagger;</A></SUP>DigitalBridge
    Group Cl. A</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">531,307</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,812,499</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Douglas
    Elliman</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262,646</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,068,969</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FirstService
    Corporation</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104,955</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,862,235</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">FRP
    Holdings <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,558</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,123,414</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white"><B>Kennedy-Wilson
    Holdings <SUP><A HREF="#ceff002">1</A></SUP></B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,088,958</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,129,309</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">Marcus
    &amp; Millichap <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">249,247</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,586,559</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">St.
    Joe Company (The) <SUP><A HREF="#ceff002">1</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,800</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,045,620</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">Tejon
    Ranch <SUP><A HREF="#ceff002">1</A>,<A HREF="#ceff003">2</A></SUP></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">313,818</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,912,331</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.125in; font: 8pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>74,048,863</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: #999999 1pt solid; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $66,896,561)</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>74,215,813</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UTILITIES
    &ndash; 0.1%</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WATER
    UTILITIES - 0.1%</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 8pt 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: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: #999999 1pt solid; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American
    States Water</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,187</FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt 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: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,405,557</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: #999999 1pt solid; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    (Cost $1,253,422)</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="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"><B>1,405,557</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="8" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    COMMON STOCKS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(208,219,233)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid; text-indent: -0.125in; padding-left: 0.125in; border-top: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Cost
    $1,257,853,156)</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: #999999 1pt solid; border-top: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; border-top: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; border-top: rgb(153,153,153) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,505,264,249</B></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 STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><B>DIVERSIFIED INVESTMENT COMPANIES &ndash; 1.1%</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><B>DIVERSIFIED INVESTMENT COMPANIES &ndash; 0.0%</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">CLOSED-END FUNDS - 0.0%</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Eagle Point Credit</TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: #999999 1pt solid; text-align: right">42,054</TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: #999999 1pt solid; text-align: right"><B>425,587</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><B>Total (Cost $370,947)</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>425,587</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><B>FINANCIALS &ndash; 0.3%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">INVESTMENT COMPANIES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>iShares S&amp;P Small-Cap 600 Growth ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,912,839</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.2in; text-indent: -0.125in"><SUP><A HREF="#ceff001">&dagger;</A></SUP>SPDR S&amp;P 600 Small Cap Value ETF</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">38,900</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">2,887,158</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><B>Total (Cost $4,992,140)</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>4,799,997</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><B>MATERIALS &ndash; 0.8%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">METALS &amp; MINING - 0.8%</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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in">VanEck Junior Gold Miners ETF</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">350,400</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>12,491,760</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><B>Total (Cost $12,152,440)</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>12,491,760</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; border-bottom: #999999 1pt solid"><B>TOTAL DIVERSIFIED INVESTMENT COMPANIES</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: left; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><B>(Cost $17,515,527)</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>17,717,344</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><B>WARRANTS &ndash; 0.0%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><B>HEALTH CARE &ndash; 0.0%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">HEALTH CARE PROVIDERS &amp; SERVICES - 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; background-color: white">Cano Health (Warrants) <SUP><A HREF="#ceff003">2</A></SUP></FONT></TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">49,999</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>11,000</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><B>(Cost $237,495)</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>11,000</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><b>REPURCHASE AGREEMENT- 7.2%</b></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></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-bottom: #999999 1pt solid; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Fixed Income Clearing Corporation, 1.28% dated 12/30/22, due 1/3/23, maturity value</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">$115,965,918 (collateralized by obligations of U.S. Government Agencies,</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">due 12/28/23, valued at $118,268,488)</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><B>(Cost $115,949,428)</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>115,949,428</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; border-bottom: #999999 1pt solid"><B>TOTAL INVESTMENTS &ndash; 102.1%</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: left; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><B>(Cost $1,391,555,606)</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>1,638,942,021</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -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="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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><B>LIABILITIES LESS CASH AND
    OTHER ASSETS &ndash; (2.1)%</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right"><B>(33,762,649)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #999999 1pt solid; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #999999 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(208,219,233)">
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid; padding-left: 0.125in; text-indent: -0.125in"><B>NET ASSETS &ndash; 100.0%</B></TD><TD STYLE="border-bottom: Black 2pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2pt solid; text-align: right"><B>1,605,179,372</B></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 0pt 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADR
&ndash; American Depository Receipt</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.125in; text-align: left"><A NAME="ceff001"></A><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">New
additions in 2022.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.125in; text-align: left"><A NAME="ceff002"></A><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">All
or a portion of these securities were pledged as collateral in connection with the Fund's revolving credit agreement as of December
31, 2022. Total market value of pledged securities as of December 31, 2022, was $72,265,931.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.125in; text-align: left"><A NAME="ceff003"></A><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">Non-income
producing.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.125in; text-align: left"><A NAME="ceff004"></A><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">As
of December 31, 2022, a portion of these securities, in the aggregate amount of $29,807,238, were rehypothecated by BNP Paribas
Prime Brokerage International, Limited in connection with the Fund's revolving credit agreement. See Notes to Financial Statements.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.125in; text-align: left"><A NAME="ceff005"></A><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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.125in; text-align: left"><A NAME="ceff006"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Securities
for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their
fair value under procedures approved by the Fund'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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.125in; 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, 2022, market value. </B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.125in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.125in; 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 $1,391,880,434. As of December 31, 2022, net
unrealized appreciation for all securities was $247,061,587 consisting of aggregate gross unrealized appreciation of $378,235,103
and aggregate gross unrealized depreciation of $131,173,516. 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, investments in Real
Estate Investment Trusts and mark-to-market of Passive Foreign Investment Companies.</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 40%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2022 Annual Report to Stockholders<FONT STYLE="color: #999999">&nbsp;&nbsp;|&nbsp;&nbsp;</FONT>47</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Proxima Nova,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
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    <TD STYLE="width: 49%"><FONT STYLE="font-size: 18pt">Royce Value Trust</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; text-align: right; vertical-align: top"><FONT STYLE="font-size: 9pt">December 31, 2022</FONT></TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" 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: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><A NAME="cefa011"></A>Statement
of Assets and Liabilities</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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="padding-left: 0.125in; text-indent: -0.125in">ASSETS:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Investments at value</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: #A7A9AC 1pt solid; text-align: right">1,522,992,593</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Repurchase agreements (at cost and value)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">115,949,428</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Foreign currency (cost $42,654)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">42,660</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Receivable for investments sold</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">6,230,779</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Receivable for dividends and interest</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,295,450</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Prepaid expenses and other assets</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">515,162</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total Assets</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,647,026,072</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">LIABILITIES:</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; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Revolving credit agreement</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">35,000,000</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Payable for investments purchased</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">5,010,623</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Payable for investment advisory fee</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,048,130</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Payable for directors&rsquo; fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">41,300</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Payable for interest expense</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">159,075</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Accrued expenses</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">587,572</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total Liabilities</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">41,846,700</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net Assets</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">1,605,179,372</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">ANALYSIS OF NET ASSETS:</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="border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Paid-in capital - $0.001 par value per share; 109,915,342 shares outstanding (150,000,000 shares authorized)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,360,309,558</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total distributable earnings (loss)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">244,869,814</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net Assets (net asset value per share - $14.60)</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,605,179,372</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Investments at identified cost</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,275,606,178</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 8pt">48&nbsp;&nbsp;<FONT STYLE="color: #A7A9AC">|</FONT>&nbsp;&nbsp;2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; text-align: right"><FONT STYLE="font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Value Trust</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Year Ended
    December 31, 2022</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Statement
of Operations</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>INVESTMENT INCOME:</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">INCOME:</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: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Dividends</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Non-Affiliated Companies</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: #A7A9AC 1pt solid; text-align: right">23,197,177</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Affiliated Companies</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">154,385</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Foreign withholding tax</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(319,349</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Interest</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">546,876</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Rehypothecation income</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">143,852</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total income</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">23,722,941</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">EXPENSES:</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Investment advisory fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">12,945,131</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Interest expense</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,829,096</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Administrative and office facilities</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">813,775</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Stockholder reports</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">400,113</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Custody and transfer agent fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">230,400</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Directors&rsquo; fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">179,612</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Professional fees</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">162,311</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Other expenses</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">323,032</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total expenses</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">16,883,470</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net investment income (loss)</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">6,839,471</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:</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; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">NET REALIZED GAIN (LOSS):</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Investments in Non-Affiliated Companies</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">75,165,196</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Investments in Affiliated Companies</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">4,508,394</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Foreign currency transactions</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">155,099</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Investments in Non-Affiliated Companies</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(548,905,191</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Investments in Affiliated Companies</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,636,635</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Other assets and liabilities denominated in foreign currency</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(3,686</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net realized and unrealized gain (loss) on investments and foreign currency</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(467,443,553</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS</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">(460,604,082</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 40%; text-align: right"><FONT STYLE="font-size: 8pt">2022 Annual Report to Stockholders&nbsp;&nbsp;<FONT STYLE="color: #A7A9AC">|</FONT>&nbsp;&nbsp;49</FONT></TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<!-- Field: Page; Sequence: 52 -->
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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: 18pt">Royce
Value Trust</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" 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: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Statement
of Changes in Net Assets</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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: #A7A9AC 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #A7A9AC 1pt solid">YEAR ENDED 12/31/22</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: #A7A9AC 1pt solid">YEAR ENDED 12/31/21</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-top: 8pt">INVESTMENT OPERATIONS:</TD><TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 8pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 8pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 8pt">&nbsp;</TD><TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 8pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 8pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Net investment income (loss)</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="width: 15%; border-bottom: #A7A9AC 1pt solid; text-align: right">6,839,471</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="width: 15%; border-bottom: #A7A9AC 1pt solid; text-align: right">4,526,785</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Net realized gain (loss) on investments and foreign currency</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">79,828,689</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">179,428,445</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Net change in unrealized appreciation (depreciation) on investments and foreign currency</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(547,272,242</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">177,796,184</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Net increase (decrease) in net assets from investment operations</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(460,604,082</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">361,751,414</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">DISTRIBUTIONS:</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; border-bottom: #A7A9AC 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Total distributable earnings</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(121,045,358</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(172,565,714</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Return of capital</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(20,627,640</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Total distributions</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(141,672,998</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(172,565,714</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">CAPITAL STOCK TRANSACTIONS:</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="border-bottom: #A7A9AC 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Reinvestment of distributions</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">57,586,181</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">72,078,375</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Total capital stock transactions</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">57,586,181</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">72,078,375</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Net Increase (Decrease) In Net Assets</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(544,690,899</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">261,264,075</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in">NET ASSETS:</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in">Beginning of year</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,149,870,271</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,888,606,196</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in">End of year</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,605,179,372</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,149,870,271</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 8pt">50&nbsp;&nbsp;<FONT STYLE="color: #A7A9AC">|</FONT>&nbsp;&nbsp;2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; text-align: right"><FONT STYLE="font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
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<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="width: 49%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Royce Value Trust</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; text-align: right; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Year Ended
    December 31, 2022</FONT></TD></TR>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Statement
of Cash Flows</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">CASH FLOWS FROM OPERATING ACTIVITIES:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net increase (decrease) in net assets from investment operations</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: #A7A9AC 1pt solid; text-align: right">(460,604,082</TD><TD STYLE="width: 1%; border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Purchases of long-term investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(1,033,684,242</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Proceeds from sales and maturities of long-term investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,155,917,841</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Net purchases, sales and maturities of short-term investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(9,371,860</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Net (increase) decrease in dividends and interest receivable and other assets</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(269,681</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Net increase (decrease) in interest expense payable, accrued expenses and other liabilities</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(530,342</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Net change in unrealized appreciation (depreciation) on investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">547,268,556</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.25in; text-indent: -0.125in">Net realized gain (loss) on investments</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(79,673,590</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net cash provided by operating activities</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">119,052,600</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">CASH FLOWS FROM FINANCING ACTIVITIES:</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; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Decrease in revolving credit agreement</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(35,000,000</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Distributions net of reinvestment (reinvestment $57,586,181)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(84,086,817</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net cash used for financing activities</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(119,086,817</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">INCREASE (DECREASE) IN CASH:</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(34,217</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Cash and foreign currency at beginning of year</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">76,877</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Cash and foreign currency at end of year</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">42,660</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Supplemental disclosure of cash flow information:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">For the year ended December 31, 2022, the Fund paid $1,739,692
in interest expense.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD>
    <TD STYLE="width: 40%; text-align: right"><FONT STYLE="font-size: 8pt">2022 Annual Report to Stockholders&nbsp;&nbsp;<FONT STYLE="color: #A7A9AC">|</FONT>&nbsp;&nbsp;51</FONT></TD></TR>
</TABLE>


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Proxima Nova,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: Black">
    <TD STYLE="width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 18pt Arial, Helvetica, Sans-Serif">Royce Value Trust</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" 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: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financial
Highlights</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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="padding-bottom: 1pt; text-align: center; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">YEARS ENDED</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/22</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/21</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/20</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/19</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/18</FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="width: 40%; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net Asset Value, Beginning of Period</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">20.29</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18.52</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16.58</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13.73</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">17.50</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">INVESTMENT OPERATIONS:</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><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><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="text-align: left; vertical-align: top">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net investment income (loss)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.06</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.04</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left"><SUP><A HREF="#cefg001">1</A></SUP></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.03</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.11</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.18</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net realized and unrealized gain (loss) on investments and foreign currency</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(4.40</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">3.46</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">3.02</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">3.90</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(2.46</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net increase (decrease) in net assets from investment operations</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4.34</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3.50</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3.05</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4.01</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2.28</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">DISTRIBUTIONS:</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><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><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; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net investment income</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.12</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.02</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.09</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.11</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.19</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net realized gain on investments and foreign currency</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(1.01</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(1.65</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.95</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.99</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(1.07</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Return of capital</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.19</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&ndash;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total distributions</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(1.32</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(1.67</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(1.04</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(1.10</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(1.26</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">CAPITAL STOCK TRANSACTIONS:</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><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><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; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Effect of reinvestment of distributions by Common Stockholders</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.03</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.06</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.07</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.06</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.06</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Effect of rights offering</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(0.17</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #F3F3F4">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total capital stock transactions</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(0.03</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(0.06</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(0.07</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(0.06</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">(0.23</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net Asset Value, End of Period</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">14.60</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">20.29</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18.52</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16.58</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13.73</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Market Value, End of Period</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">13.26</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">19.59</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">16.14</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">14.77</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: right">11.80</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL RETURN:<SUP><A HREF="#cefg002">2</A></SUP></FONT></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><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><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="border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net Asset Value</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(21.29</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">19.97</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">21.85</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">30.46</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">(14.45</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Market Value</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25.96</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32.91</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19.20</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35.23</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20.43</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">RATIOS BASED ON AVERAGE NET ASSETS:</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><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><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; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment advisory fee expense<SUP><A HREF="#cefg003">3</A></SUP></FONT></TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.74</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1.02</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1.15</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.49</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.42</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Other operating expenses</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.23</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.13</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.19</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.27</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.21</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Total expenses (net)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.97</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1.15</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1.34</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.76</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.63</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Expenses excluding interest expense</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.86</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1.11</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1.26</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.61</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.52</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Expenses prior to balance credits</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.97</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1.15</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1.34</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.76</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">0.63</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net investment income (loss)</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.39</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.21</TD><TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left">%<SUP><A HREF="#cefg001">1</A></SUP></TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.16</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.69</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.06</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">SUPPLEMENTAL DATA:</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><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><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; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Net Assets, End of Period (in thousands)</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,605,179</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">2,149,870</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,888,606</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,628,039</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">1,304,107</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Portfolio Turnover Rate</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">60</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">44</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">36</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">30</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">28</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">REVOLVING CREDIT AGREEMENT:</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><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><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; border-bottom: #A7A9AC 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Asset coverage</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">4686</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">3171</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">2798</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">2426</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: right">2998</TD><TD STYLE="border-bottom: #A7A9AC 1pt solid; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in">Asset coverage per $1,000</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,862</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,712</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,980</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,258</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,980</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in; text-align: left"><A NAME="cefg001"></A><SUP>1</SUP></TD><TD STYLE="text-align: justify">A special distribution from ECN Capital resulted in an
increase in net investment income (loss) per share of $0.05 and an increase in the ratio of net investment income (loss) to average
net assets of 0.26%.</TD>
</TR></TABLE>



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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><SUP><A NAME="cefg002"></A>2</SUP></TD><TD STYLE="text-align: justify; padding-right: 2pt">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.</TD></TR></TABLE>


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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.1in"><SUP><A NAME="cefg003"></A>3</SUP></TD><TD STYLE="text-align: justify; padding-right: 0">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.</TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 8pt">52&nbsp;&nbsp;<FONT STYLE="color: #A7A9AC">|</FONT>&nbsp;&nbsp;2022 Annual Report to Stockholders</FONT></TD>
    <TD STYLE="width: 60%; text-align: right"><FONT STYLE="font-size: 8pt"><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS</B></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 100%; background-color: Black">&nbsp;</TD></TR>
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<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: 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><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 0pt 1pt"><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 1pt"><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 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royce&nbsp;&amp;&nbsp;Associates, LP, the Fund&rsquo;s investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily
conducts business using the name Royce Investment Partners (&ldquo;Royce&rdquo;).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">VALUATION
OF INVESTMENTS:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio
securities held by the Fund are valued as of the close of trading on the New York Stock Exchange (&ldquo;NYSE&rdquo;) (generally
4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values
for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange
rates as quoted by a major bank.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity
securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.&rsquo;s OTC Link ATS or other alternative
trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on
a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation
date. Such inputs are generally referred to as &ldquo;Level 1&rdquo; inputs because they represent reliable quoted prices in active
markets for identical securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">If
the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio
security will be &ldquo;fair valued.&rdquo; The Fund&rsquo;s Board of Directors has designated Royce as valuation designee to
perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act
of 1940 (&ldquo;Rule 2a-5&rdquo;). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures
approved by the Fund&rsquo;s Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee
for the Fund. Fair valued securities are reported as either &ldquo;Level 2&rdquo; or &ldquo;Level 3&rdquo; securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, no assurance can be given that a fair value
assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale.
When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from
the quoted or published prices for the same securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level
2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable
characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund
on a particular valuation date include:</FONT></P>

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<TD STYLE="width: 0.75in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Over-the-counter
                                         equity securities other than those traded on OTC Market Group Inc.&rsquo;s OTC Link ATS
                                         or other alternative trading system (collectively referred to herein as &ldquo;Other
                                         OTC Equity Securities&rdquo;) are fair valued at their highest bid price when Royce receives
                                         at least two bid side quotes from dealers who make markets in such securities;</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.75in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Certain
                                         bonds and other fixed income securities may be fair valued by reference to other securities
                                         with comparable ratings, interest rates, and maturities in accordance with valuation
                                         methodologies maintained by certain independent pricing services; and</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: 0.75in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
                                         Fund uses an independent pricing service to fair value certain non-U.S. equity securities
                                         when 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 such non-U.S. securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level
3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for
a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market
price information regarding other securities; information received from the issuer and/or published documents, including SEC filings
and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures,
Royce may use</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; 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">2022
Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 53</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>


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    <TD STYLE="width: 100%; background-color: Black">&nbsp;</TD></TR>
</TABLE>
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<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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><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 0pt 1pt"><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 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VALUATION
OF INVESTMENTS (continued):</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">various
techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i)
workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm
or probable offers from qualified buyers for the issuer&rsquo;s ongoing business, etc.); (ii) discount or premium from market,
or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily
available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or
other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic
worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting
from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from
the values that would have been used had an active market existed.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several
reasons, including if:</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: 0.75in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">an
                                         equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group
                                         Inc.&rsquo;s OTC Link ATS or other alternative trading system, has not traded and there
                                         are no bids;</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; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royce
                                         does not receive at least two bid side quotes for an Other OTC Equity Security; </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">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
independent pricing services are unable to supply fair value prices; or</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 152pt 0pt 46pt"></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: 0.75in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant
                                         event occurs after the close of trading for a security but prior to the time the Fund
                                         prices its shares).</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 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of December
31, 2022. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology
used for valuing securities are not necessarily an indication of the risk associated with owning those securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    1</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    2</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LEVEL
    3</B></FONT></TD>
    <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"><B>TOTAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 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-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,497,774,623</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$&nbsp;&nbsp;&nbsp;6,490,516</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$999,110</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$1,505,264,249</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diversified
    Investment Companies</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,717,344</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17,717,344</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Warrants</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,000</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>11,000</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt 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-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115,949,428</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>115,949,428</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level
3 Reconciliation</B>:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNREALIZED
    GAIN (LOSS) <SUP>1</SUP></B></FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><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: 13%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: center; vertical-align: bottom; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENLTY
    HELD</B></FONT></TD>
    <TD STYLE="width: 14%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SECURITIES
    NO</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>BALANCE
    AS OF</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: center; vertical-align: bottom; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/21</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PURCHASES</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SALES</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS) <SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SECURITIES</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LONGER
    HELD</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/22</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Stocks</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0; text-align: center; vertical-align: bottom; padding-right: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$171,750</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,800</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    0</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$832,160</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    0</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$999,110</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></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: 7pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><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 1pt"><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 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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 as of December 31, 2022, is next business day and continuous.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; 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 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FOREIGN
CURRENCY:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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 0pt 1pt; text-align: justify; 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: 8pt">54
<FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</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>


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

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<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="width: 100%; background-color: Black">&nbsp;</TD></TR>
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<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: 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><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 0pt 1pt"><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 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TAXES:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 0pt 1pt; text-align: justify; 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 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DISTRIBUTIONS:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; 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 0pt 1pt"><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 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 1pt; text-align: justify; 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 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXPENSES:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund, while expenses applicable
to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses
related to all of the Royce 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 1pt; text-align: justify; 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 0pt 1pt"><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 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 1pt; text-align: justify; 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 0pt 1pt"><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 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Fund issued 3,966,554 and 3,976,091 shares of Common Stock as reinvestment of distributions for the years ended December 31, 2022,
and December 31, 2021, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; 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 0pt 1pt"><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 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Fund is party to a revolving credit agreement (the &ldquo;credit agreement&rdquo;) 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 pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and
in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged
as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value
of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the
credit agreement. As of December 31, 2022, the market value of eligible securities pledged as collateral exceeded two times the
loan balance outstanding.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 9.35pt; margin: 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 1pt; text-align: justify"><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">2022
Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 55</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>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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">
    <TD STYLE="width: 100%; background-color: Black">&nbsp;</TD></TR>
</TABLE>
<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: 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><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 0pt 1pt"><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 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Borrowings
(continued):</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Fund and BNPPI have agreed that the current maximum amount the Fund may borrow under the credit agreement is $70,000,000. 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 $150,000,000.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
of December 31, 2022, the Fund had outstanding borrowings of $35,000,000. During the year ended December 31, 2022, the Fund had
an average daily loan balance of $66,068,493 at a weighted average borrowing cost of 2.87%. The maximum loan balance outstanding
during the year ended December 31, 2022, was $70,000,000. As of December 31, 2022, the aggregate value of rehypothecated securities
was $29,807,238. During the year ended December 31, 2022, the Fund earned $143,852 in fees from rehypothecated securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; 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 0pt 1pt"><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 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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;). The fee is payable monthly.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
the twelve rolling 60-month periods in 2022, the Fund&rsquo;s investment performance ranged from 13% below to 3% above the investment
performance of the S&amp;P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $16,558,637 and a net
downward adjustment of $3,613,506 for the performance of the Fund relative to that of the S&amp;P 600. For the year ended December
31, 2022, the Fund expensed Royce investment advisory fees totaling $12,945,131.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><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 1pt"><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 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For
the year ended December 31, 2022, the costs of purchases and proceeds from sales of investment securities, other than short-term
securities, amounted to $1,037,066,944 and $1,122,995,756, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 or an affiliate of Franklin Resources, Inc. 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 that review to the Board of Directors. Cross trades for the year ended December 31,
2022, were as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COSTS
    OF PURCHASES</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PROCEEDS
    FROM SALES</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED
    GAIN (LOSS)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11,934,417</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,769,377</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(823,573)</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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56
<FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</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>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></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="width: 100%; background-color: Black">&nbsp;</TD></TR>
</TABLE>
<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: 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>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><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 0pt 1pt"><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 1pt"><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 0pt 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributions
during the years ended December 31, 2022 and 2021, were characterized as follows for tax purposes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 83%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    INCOME</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LONG-TERM
    CAPITAL GAINS</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RETURN
    OF CAPITAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 13%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 13%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 13%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 14%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 15%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$25,777,270</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$49,300,123</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$95,268,088</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$123,265,591</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$20,627,640</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
tax basis components of distributable earnings as of December 31, 2022, were as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 83%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 15%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>QUALIFIED
    LATE YEAR</B></FONT></TD>
    <TD STYLE="width: 13%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><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-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    UNREALIZED</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    AND</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>UNDISTRIBUTED
    LONG-TERM</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>APPRECIATION</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>POST-OCTOBER
    LOSS</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DISTRIBUTABLE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ORDINARY
    INCOME</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CAPITAL
    GAINS</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(DEPRECIATION)<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DEFERRALS<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>EARNINGS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$
    &ndash;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$247,066,549</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(2,196,735)</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$244,869,814</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: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 7pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><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 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"></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: 7pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022, the Fund recorded the following permanent reclassifications,
which relate primarily to return of capital and foreign currency transactions:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: #999999 1pt solid; text-align: center; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TOTAL
    DISTRIBUTABLE EARNINGS (LOSS)</B></FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PAID-IN
    CAPITAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #999999 1pt solid; border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$219,614</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(219,614)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify; text-indent: 9.35pt"><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 (2019-2022) and has concluded
that as of December 31, 2022, 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 1pt; text-align: justify; 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 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Transactions
in Affiliated Companies:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><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 1pt; text-align: justify; text-indent: 9.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An
&ldquo;Affiliated Company&rdquo; as defined in the 1940 Act, 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, 2022:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify; text-indent: 9.35pt"><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 0pt 1pt; text-align: justify; text-indent: 9.35pt"></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: 29%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AFFILIATED
    COMPANY </B><SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 6%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B><BR>
    <B>12/31/21</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MARKET
    VALUE</B><BR>
    <B>12/31/21</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>COSTS
    OF</B><BR>
    <B>PURCHASES</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PROCEEDS</B><BR>
    <B>FROM SALES</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>REALIZED</B><BR>
    <B>GAIN (LOSS)</B></FONT></TD>
    <TD STYLE="width: 12%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><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="width: 7%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>DIVIDEND</B><BR>
    <B>INCOME</B></FONT></TD>
    <TD STYLE="width: 7%; border-right: #999999 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>SHARES</B><BR>
    <B>12/31/22</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; border-bottom: Black 1pt solid; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MARKET
    VALUE</B><BR>
    <B>12/31/22</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: #999999 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INFORMATION
    TECHNOLOGY - 0.6%</B></FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-right: #999999 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ELECTRONIC
    EQUIPMENT, INSTRUMENTS &amp; COMPONENTS - 0.6%</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-right: 1pt; padding-left: 1pt"><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; border-right: #999999 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Richardson
    Electronics <SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">711,475</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9,619,142</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6,407,489</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,508,394</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,636,635</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$154,385</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #D0DBE9">
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; padding-right: 1pt; padding-left: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$9,619,142</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$4,508,394</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$1,636,635</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$154,385</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-right: #999999 1pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 5pt">&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: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 7pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Percentages
                                         represent the percentages of the investments in the Affiliated Companies of the Fund&rsquo;s
                                         net assets.</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: 1pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 7pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Not
                                         an Affiliated Company as of December 31, 2022.</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 1pt"><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 1pt; text-indent: 9.35pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Subsequent
events have been evaluated through the date the financial statements were issued and it has been determined that no events have
occurred that require disclosure.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; 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">2022
Annual Report to Stockholders <FONT STYLE="color: #999999">|</FONT> 57</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>


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<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="width: 100%; background-color: Black">&nbsp;</TD></TR>
</TABLE>
<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: 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 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>To
the Board of Directors and Stockholders of Royce Value Trust, Inc.:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Opinion
on the Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022, the related statements of operations and cash flows for the year ended
December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including
the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and the financial
highlights for each of the five years in the period ended December 31, 2022 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 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Basis
for Opinion</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022 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 0pt 1pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 419pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">/s/PricewaterhouseCoopers
LLP <BR>
New York, New York</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 419pt 0pt 1pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February
22, 2023</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 0pt 1pt"><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">58
<FONT STYLE="color: #999999">|</FONT> 2022 Annual Report to Stockholders</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>&nbsp;</P>


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    <TD STYLE="width: 100%; background-color: Black">&nbsp;</TD></TR>
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<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: 18pt"><A NAME="cefa012"></A>History
Since Inception (unaudited)</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 19pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reviews of the Funds.</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="text-align: center; vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>HISTORY</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>AMOUNT
    INVESTED</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PURCHASE
    PRICE <SUP>1</SUP></B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>SHARES</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NAV
    VALUE <SUP>2</SUP></B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>MARKET
    VALUE <SUP>2</SUP></B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Royce
    Global Value Trust</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/17/13</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Initial
    Purchase</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8,975</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$&nbsp;</FONT></TD><TD STYLE="width: 12%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.975</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,000</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9,780</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8,975</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/11/14</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.15</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.970</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">19</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9,426</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8,193</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/10/15</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.10</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.230</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9,101</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7,696</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/9/16</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.14</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.940</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">18</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10,111</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8,446</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/12/17</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.11</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10.610</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13,254</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11,484</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/12/18</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.04</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.500</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11,118</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9,475</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/11/19</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.06</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10.670</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14,593</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12,543</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/20</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $1.19</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.441</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">95</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">17,462</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">15,604</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/10/21</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $2.75</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.498</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">257</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">20,321</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">18,696</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/9/22</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.13</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.821</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/22</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">8,975</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">1,446</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">14,822</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">12,508</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Royce
    Micro-Cap Trust</B></FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/14/93</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Initial Purchase</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7,500</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.500</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7,250</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7,500</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/28/94</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,400</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">200</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/19/94</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.05</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">6.750</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9,163</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8,462</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/7/95</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.36</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.500</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">58</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11,264</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10,136</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/96</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.80</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.625</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">133</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13,132</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11,550</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/5/97</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $1.00</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10.000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">140</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">16,694</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">15,593</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/7/98</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.29</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.625</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">52</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">16,016</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14,129</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/99</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.27</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.781</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">49</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">18,051</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14,769</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/00</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $1.72</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.469</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">333</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">20,016</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">17,026</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/01</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.57</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9.880</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">114</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">24,701</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">21,924</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2002</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.80</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9.518</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">180</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">21,297</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">19,142</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2003</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.92</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10.004</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">217</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">33,125</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">31,311</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2004</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.33</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.350</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">257</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">39,320</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">41,788</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2005</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.85</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.848</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">383</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">41,969</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">45,500</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2006</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.55</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14.246</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">354</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">51,385</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">57,647</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2007</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.35</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.584</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">357</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">51,709</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">45,802</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2008</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.19<SUP>3</SUP></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.237</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">578</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">28,205</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">24,807</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3/11/09</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.22<SUP>3</SUP></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">4.260</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">228</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">41,314</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">34,212</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/2/10</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.08</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9.400</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">53,094</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">45,884</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.53<SUP>3</SUP></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.773</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">289</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">49,014</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">43,596</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.51</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9.084</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">285</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">57,501</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">49,669</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.38</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11.864</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">630</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">83,110</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">74,222</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $2.90</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10.513</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,704</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">86,071</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">76,507</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.26</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.974</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,256</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">75,987</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">64,222</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.64</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.513</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">779</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">92,689</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">78,540</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2017</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.69</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.746</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">783</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">109,076</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">98,254</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.75</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.993</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">893</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">96,398</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">83,853</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.68</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.297</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">955</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">118,025</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">104,666</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.61</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">6.944</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,120</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">128,811</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">135,365</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2021</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.84</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11.377</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,014</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">187,933</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">166,205</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.95</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.887</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,598</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(197,195,188) 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/22</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">8,900</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">15,988</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">156,203</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt; border-left: rgb(197,195,188) 1pt solid; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">138,776</FONT></TD><TD STYLE="font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt; border-bottom: rgb(197,195,188) 1pt solid; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1
</SUP>The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for
the year.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2
</SUP>Values are stated as of December 31 of the year indicated, after reinvestment of distributions, other than for initial purchase.</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3
</SUP>Includes a return of capital.</FONT></P>

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<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 a part of the 2022 Annual Audited Financial Statements <FONT STYLE="color: gray">|</FONT> 59</FONT></P>

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<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: 18pt">History
Since Inception (unaudited) (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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>HISTORY</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>AMOUNT
    INVESTED</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>PURCHASE
    PRICE <SUP>1</SUP></B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>SHARES</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>NAV
    VALUE<SUP>2</SUP></B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>MARKET
    VALUE<SUP>2</SUP></B></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Royce Value Trust</FONT></TD>
    <TD STYLE="font-weight: bold; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11/26/86</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Initial
    Purchase</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$&nbsp;</FONT></TD><TD STYLE="width: 12%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10.000</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,000</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9,280</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="width: 1%; border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/15/87</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.30</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">42</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/87</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.22</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.125</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">32</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8,578</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7,250</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/27/88</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.51</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.625</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">63</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10,529</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9,238</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/22/89</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">405</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9.000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">45</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/29/89</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.52</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9.125</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">67</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12,942</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11,866</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/24/90</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">457</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">7.375</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">62</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/90</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.32</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">8.000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">52</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11,713</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11,074</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/23/91</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">638</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">9.375</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">68</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/91</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.61</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10.625</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">82</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">17,919</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">15,697</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/25/92</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">825</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11.000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">75</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/92</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.90</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.500</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">114</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">21,999</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">20,874</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9/27/93</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,469</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">113</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/31/93</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $1.15</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">160</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">26,603</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">25,428</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/28/94</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,103</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11.250</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">98</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/19/94</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $1.05</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11.375</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">191</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">27,939</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">24,905</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11/3/95</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,425</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.500</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">114</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/7/95</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $1.29</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.125</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">253</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">35,676</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">31,243</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/6/96</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $1.15</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.250</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">247</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">41,213</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">36,335</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1997</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.21</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">15.374</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">230</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">52,556</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">46,814</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1998</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.54</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14.311</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">347</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">54,313</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">47,506</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1999</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.37</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.616</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">391</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">60,653</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">50,239</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2000</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.48</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.972</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">424</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">70,711</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">61,648</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2001</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.49</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">15.072</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">437</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">81,478</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">73,994</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2002</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.51</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14.903</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">494</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">68,770</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">68,927</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1/28/03</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">5,600</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">10.770</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">520</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2003</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.30</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14.582</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">516</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">106,216</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">107,339</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2004</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.55</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">17.604</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">568</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">128,955</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">139,094</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2005</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.61</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">18.739</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">604</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">139,808</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">148,773</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2006</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.78</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">19.696</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">693</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">167,063</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">179,945</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2007</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.85</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">19.687</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">787</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">175,469</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">165,158</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2008</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $1.72<SUP>3</SUP></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.307</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,294</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">95,415</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">85,435</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3/11/09</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution
    $0.32<SUP>3</SUP></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">6.071</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">537</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">137,966</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">115,669</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/2/10</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution $0.03</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.850</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">179,730</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">156,203</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    distribution total $0.78<SUP>3</SUP></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.043</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">656</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">161,638</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">139,866</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $0.80</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">13.063</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">714</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">186,540</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">162,556</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual
    distribution total $2.19<SUP>4</SUP></FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">16.647</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,658</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">250,219</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">220,474</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.82</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14.840</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,757</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">252,175</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">222,516</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.24</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.725</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,565</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">231,781</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">201,185</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.02</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.334</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,460</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">293,880</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">248,425</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2017</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.16</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14.841</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,495</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">350,840</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">324,176</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution
    through 6/30/18 $0.59</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">15.962</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">748</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Rights Offering</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">31,289</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">15.330</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2,041</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Distribution
    after 6/30/18 $0.67</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">12.706</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,168</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">329,589</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">283,259</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.10</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14.100</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,929</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">429,986</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">383,045</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2020</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.04</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">11.888</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2,357</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">523,949</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; font-weight: bold; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">456,617</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; font-weight: bold; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2021</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.67</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">18.124</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2,690</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">628,604</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">609,918</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2022</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: #C5C3BC 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Annual distribution
    total $1.32</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">14.525</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2,907</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: #C5C3BC 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(197,195,188) 1pt solid; text-align: left; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12/31/22</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(197,195,188) 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">53,211</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: rgb(197,195,188) 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(197,195,188) 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">33,888</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(197,195,188) 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">495,104</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: rgb(197,195,188) 1pt solid; border-left: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">449,355</FONT></TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: rgb(197,195,188) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(208,219,233)"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1
</SUP>The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for
the year.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2
</SUP>Values are stated as of December 31 of the year indicated, after reinvestment of distributions, other than for initial purchase.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3
</SUP>Includes a return of capital.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4
</SUP>Includes Royce Global Value Trust spin-off of $1.40 per share.</FONT></P>

<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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60
<FONT STYLE="color: gray">|</FONT> This page is not a part of the 2022 Annual Audited 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">&nbsp;</FONT></P>


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<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
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    <TD STYLE="width: 100%; background-color: Black">&nbsp;</TD></TR>
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<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: 18pt"><A NAME="cefa013"></A>Distribution
Reinvestment and Cash Purchase Options</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; color: rgb(65,123,124)">Why
should I reinvest my distributions?</FONT><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: 9pt">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: 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; color: rgb(65,123,124)">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 6pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 6pt 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 6pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 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; color: rgb(65,123,124)">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 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 2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022. If a nominee is the registered owner of your shares,
the nominee will maintain the accounts on your behalf.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 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 2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 13pt 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">This
page is not a part of the 2022 Annual Audited Financial Statements <FONT STYLE="color: gray">|</FONT> 61</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>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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">
    <TD STYLE="width: 100%; background-color: Black">&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"><A NAME="cefa014"></A>Directors
and Officers</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; color: rgb(65,123,124)">All
Directors and Officers may be reached c/o The Royce Funds, 745 Fifth Avenue, New York, NY 10151&nbsp;</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Christopher
D. Clark, Director <SUP>1</SUP>, President</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Age:
57 <FONT STYLE="color: gray">|</FONT> Number of Funds Overseen: 16 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2014</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><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>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 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: 9pt"><B>Patricia
W. Chadwick, Director</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 25pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Age:
74 <FONT STYLE="color: gray">|</FONT> Number of Funds Overseen: 16 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2009 <B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 25pt 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Non-Royce
Directorships: </B>Director of Voya Mutual Funds</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Principal
Occupation(s) During Past 5 Years: </B>Consultant and President, Ravengate Partners LLC (since 2000). Formerly Director, Wisconsin
Energy Corp. (until 2022).</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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Christopher
C. Grisanti, Director</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Age:
61 <FONT STYLE="color: gray">|</FONT> Number of Funds Overseen: 16 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2017</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-Royce
Directorships: </B>None</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Principal
Occupation(s) During Past Five Years: </B>Chief Equity Strategist and Senior Portfolio Manager, MAI Capital Management LLC (investment
advisory firm) (since May 2020). Formerly Co-Founder and Chief Executive Officer, Grisanti Capital Management LLC (investment advisory
firm) (from 1999 to 2020); Director of Research and Portfolio Manager, Spears Benzak, Salomon &amp; Farrell (from 1994 to 1999);
and Senior Associate, Simpson, Thacher &amp; Bartlett (law firm) (from 1988 to 1994).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cecile
B. Harper, Director</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Age:
59 <FONT STYLE="color: gray">|</FONT> Number of Funds Overseen: 16 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2020</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-Royce
Directorships: </B>None</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Principal
Occupation(s) During Past Five Years: </B>Chief Financial Officer and Chief Operating Officer, College Foundation at the University
of Virginia (since October 2019). Formerly Board Member, Pyramid Peak Foundation (January 2012 to 2022); Board Member, Regional
One Health Foundation (from June 2013 to September 2019); and Principal, Southeastern Asset Management (from December 1993 to
September 2019).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Arthur
S. Mehlman, Director</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Age:
80 <FONT STYLE="color: gray">|</FONT> Number of Funds Overseen: 16 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2004&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-Royce
Directorships: </B>None&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 6pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Principal
Occupation(s) During Past Five Years: </B>Director, University of Maryland Foundation (non-profits). Formerly Director/Trustee,
registered investment companies constituting the Legg Mason Funds (from 2002 to June 2021); Director, The League for People with
Disabilities, Inc. (from June 2003 to June 2018); Director, Municipal Mortgage &amp; Equity, LLC (from October 2004 to April 2011);
Director, University of Maryland College Park Foundation (non-profit) (from 1998 to 2005); Director, Maryland Business Roundtable
for Education (from July 1984 to June 2002); and Partner, KPMG LLP (international accounting firm) (from 1972 to 2002)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>G.
Peter O&rsquo;Brien, Director</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Age:
77 <FONT STYLE="color: gray">|</FONT> Number of Funds Overseen: 73 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2001</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-Royce
Directorships: </B>Director/Trustee of registered investment companies constituting the 57 Legg Mason Funds.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Principal
Occupation(s) During Past Five Years: </B>Trustee Emeritus, Colgate University (since 2005); and Emeritus Board Member, Hill House,
Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(since
2019). Formerly Director, TICC Capital Corp. (from 2003-2017); Trustee, Colgate University (from 1996 to 2005); President,
Hill House, Inc. (from 2001 to 2005); Board Member, Hill House, Inc. (from 1999 to 2019); Director, Bridges School (from 2006
to 2018); and Managing Director/ Equity Capital Markets Group, Merrill Lynch &amp; Co. (from 1971 to 1999).</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: 9pt"><B>Michael
K. Shields, Director</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Age:
64 <FONT STYLE="color: gray">|</FONT> Number of Funds Overseen: 16 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2015</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-Royce
Directorships: </B>None</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Principal
Occupation(s) During Past Five Years: </B>President and Chief Executive Officer, Piedmont Trust Company (privately-owned North Carolina
trust company) (since February 2012); Chairman, UNC Charlotte Investment Fund Board (since February 2016); and Chairman, Halftime
Carolinas Board (since February 2011). Formerly Owner, Shields Advisors (investment consulting firm) (from April 2010 to June 2012);
President and Chief Executive Officer, Eastover Capital Management (2005-2007); President and Chief Executive Officer, Campbell, Cowperthwait
(investment subsidiary of U.S. Trust Corporation) (1997-2002); and equity portfolio manager and co-manager of Quality Growth Team,
Scudder, Stevens and Clark (1992-1997).</FONT></P>

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Francis
D. Gannon, Vice President</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Age:
55 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2014</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8pt 0pt 0; text-align: justify"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Daniel
A. O&rsquo;Byrne, Vice President</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Age:
60 <FONT STYLE="color: gray">|</FONT> Tenure: Since 1994</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 26pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 26pt 0pt 0"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Peter
K. Hoglund, Treasurer</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Age:
56 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2015</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>John
E. Denneen, Secretary and Chief Legal Officer</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Age:
55 <FONT STYLE="color: gray">|</FONT> Tenure: 1996-2001 and Since 2002</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>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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>John
P. Schwartz, Chief Compliance Officer</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Age:
51 <FONT STYLE="color: gray">|</FONT> Tenure: Since 2022</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>Principal
Occupation(s) During Past Five Years: </B>Chief Compliance Officer of The Royce Funds (since May 2022) and Associate General Counsel
and Compliance Officer of Royce (since March 2013).</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: 8pt"><SUP>1
</SUP>Interested Director.</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;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Directors
will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal. The
Statement of Additional Information, which contains additional information about the Trust&rsquo;s directors and officers, is
available and can be obtained without charge at www.royceinvest. com or by calling (800) 221-4268.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0; text-align: justify"><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: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62
<FONT STYLE="color: gray">|</FONT> This page is not a part of the 2022 Annual Audited 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">&nbsp;</FONT></P>


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<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="width: 100%; background-color: Black">&nbsp;</TD></TR>
</TABLE>
<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: 18pt"><A NAME="cefa015"></A>Notes
to Performance and Other Important Information</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; color: rgb(65,123,124)">Notes
to Performance</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022, 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, 2022
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.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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.&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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&reg; 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 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 1000 Index is an index of domestic large-cap stocks. It measures the performance of the
1,000 largest publicly traded U.S. 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 Nasdaq Composite Index is a market capitalization weighted
index of more than 3,700 stocks listed on the Nasdaq stock exchange. The (Center for Research in Security Prices) 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
Purchasing Managers&rsquo; Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service
sectors. The purpose of the PMI is to provide information about current and future business conditions to company decision makers,
analysts, and investors. The performance of an index does not represent exactly any particular investment, as you cannot invest
directly in an index. Index returns used in this Report were based on information supplied to Royce by Russell for the Russell
market indexes and by MSCI for the MSCI market indexes. Royce has not independently verified the above described information.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 4pt 0pt 1pt; text-align: left; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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. Beta
is a measure of the volatility or risk of an investment compared to the market as a whole. Alpha describes an investment strategy&rsquo;s
ability to beat the market. 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%. For the Morningstar Small Blend Category: &copy; 2023 Morningstar. All Rights Reserved. The information
regarding the category in this piece is: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied
or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information. Cyclical and Defensive are defined as follows:
Cyclical: Communication Services, Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials.
Defensive: Consumer Staples, Health Care, Real Estate, and Utilities. Return on Invested Capital is calculated by dividing a company&rsquo;s
past 12 months of operating income (earnings before interest and taxes) by its average invested capital (total equity, less cash
and cash equivalents, plus total debt, minority interest, and preferred stock). The Royce Funds is a service mark of The Royce
Funds.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Investment
Objectives&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
investment objective of each Fund is long-term growth of capital.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><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 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Investment
Policies&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 12pt 0pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Royce
Global Value Trust, Inc. (&ldquo;RGT&rdquo;)</I>. Under normal circumstances, RGT will invest at least 80% of its net assets in
equity securities, such as common stock and preferred stock. RGT generally invests a significant portion of its assets U.S. and
non-U.S. small/mid-cap stocks (generally market caps up to $10 billion). Under normal circumstances, at least 40% of RGT&rsquo;s
net assets will be invested in the equity securities of companies headquartered in at least three countries outside the United
States. From time to time, a substantial portion of RGT&rsquo;s assets may be invested in companies located in a single country.
Although there are no geographic limits on RGT&rsquo;s investments, no more than 35% of RGT&rsquo;s net assets may be invested
in the securities of companies headquartered in &ldquo;developing countries,&rdquo; also known as emerging markets. Generally,
developing countries include every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong
Kong, Singapore, South Korea, Taiwan, Bermuda, and Western European countries (which include, Austria,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7pt 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">This
page is not a part of the 2022 Annual Audited Financial Statements <FONT STYLE="color: gray">|</FONT> 63</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>


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<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="width: 100%; background-color: Black">&nbsp;</TD></TR>
</TABLE>
<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: 18pt">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 14pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Belgium,
Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland
and the United Kingdom).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Royce
Micro-Cap Trust, Inc. (&ldquo;RMT&rdquo;)</I>. RMT normally invests at least 80% of its net assets in the equity securities of
micro-cap companies. Micro-cap companies are 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. Royce employs a core approach that
combines multiple investment themes and focuses on companies with strong fundamentals and/or prospects selling at prices that
Royce believes do not fully reflect these attributes. RMT may invest up to 25% of its assets in securities of issuers headquartered
outside the United States.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 4pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Royce
Value Trust, Inc. (&ldquo;RVT&rdquo;).</I> RVT normally invests at least 65% of its assets in the equity securities of small-
and micro-cap companies. Such companies are those that have a market capitalization not greater than that of the largest company
in the Russell 2000&reg; Index at the time of its most recent reconstitution. Royce employs a core approach that combines multiple
investment themes and focuses on companies with high returns on invested capital or those with strong fundamentals and/or prospects
trading at what Royce believes are attractive valuations. RVT may invest up to 25% of its assets in securities of issuers headquartered
outside the United States.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 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 3pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Recent
Adoption of Certain Operating Policies&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
Fund&rsquo;s fundamental investment policies may not be changed without the approval of a &ldquo;majority of the outstanding voting
securities&rdquo; (as defined in the Investment Company Act of 1940 Act (the &ldquo;1940 Act&rdquo;)) of that Fund. The investment
policies and limitations of a Fund that are not fundamental investment policies are referred to as operating policies and may
be changed by a majority vote of the Board of Directors of the relevant Fund and without stockholder approval. Notwithstanding
any fundamental investment policy that could be deemed to permit a Fund to enter into a &ldquo;derivatives transaction&rdquo;
within the meaning of Rule 18f-4 under the 1940 Act, the Funds recently adopted operating policies that, effective as of August
19, 2022, prohibit the Funds from entering into any such &ldquo;derivatives transaction,&rdquo; including investing in options.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11pt 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 11pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Primary
Risks&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
with any mutual fund that invests in common stocks, each Fund is subject to market risk&mdash;the possibility that common stock
prices will decline over short or extended periods of time due to overall market, financial, and economic conditions and trends,
governmental or central bank actions or interventions, changes in investor sentiment, and other factors, such as the recent Covid
pandemic, that may not be directly related to the issuer of a security held by a Fund. This pandemic could adversely affect global
economies and markets and individual companies in ways that cannot necessarily be foreseen. As a result, the value of your investment
in each Fund will fluctuate, sometimes sharply and unpredictably, and you could lose money over short or long periods of time.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 10pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investors
wanting to buy or sell shares of a Fund 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 Arial, Helvetica, Sans-Serif; margin: 0pt 19pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
prices of equity securities of the smaller companies in which the Funds invest are generally more volatile than those of larger-cap
securities. In addition, because these securities tend to have significantly lower trading volumes than larger-cap securities,
the Funds may have difficulty selling holdings or may only be able to sell holdings at prices substantially lower than what Royce
believes they are worth. Therefore, each Fund may involve considerably more risk of loss and its returns may differ significantly
from funds investing in larger-cap companies or other asset classes. No assurance can be given that there will be net investment
income to distribute and/or that the Funds will achieve their investment goals.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment
in foreign securities involves risks that may not be encountered in U.S. investments, including adverse political, social, economic,
or other developments that are unique to a particular region or country. Prices of foreign securities in particular countries
or regions may, at times, move in a different direction and/or be more volatile than those of U.S. securities. Each Fund&rsquo;s
investments are usually denominated in or tied to the currencies of the countries in which they are primarily traded. Because
the Funds do not intend to hedge their foreign currency exposure, the U.S. dollar value of the Funds&rsquo; investments may be
harmed by declines in the value of foreign currencies in relation to the U.S. dollar. This may occur even if the value of the
investment in the currency&rsquo;s home country has not declined. These risk factors may affect the prices of foreign securities
issued by companies headquartered in developing countries more than those headquartered in developed countries. For example, many
developing countries have in the past experienced high rates of inflation or sharply devalued their currencies against the U.S.
dollar, thereby causing the value of investments in companies located in those countries to decline. Transaction costs are often
higher in developing countries, and there may be delays in settlement procedures. To the extent that a Fund&rsquo;s investments
in the securities of international companies consists of non-U.S. headquartered companies that trade on a U.S. exchange, some
or all of the above-stated risks of investing in international companies may not apply.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 7pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To
the extent a Fund overweights a single market sector or industry relative to its benchmark index, its performance may be tied
more directly to the success or failure of a relatively smaller or less well-diversified group of portfolio holdings.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royce&rsquo;s
estimate of a company&rsquo;s current worth may prove to be inaccurate, or this estimate may not be recognized by other investors,
which could lead to portfolio losses. Securities in the Funds&rsquo; portfolios may not increase as much as the market as a whole
and some securities may continue to be undervalued for long periods of time or may never reach what Royce believes are their full
market values.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
in a Fund are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2pt 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 2pt 0pt 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Environmental,
Social, and Governance (&ldquo;ESG&rdquo;) Investment Considerations and Risks&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Royce
believes certain material ESG factors have the potential to contribute to a stock&rsquo;s long-term performance, and therefore
Royce may evaluate the potential impacts of ESG considerations when assessing a company&rsquo;s financial condition and profitability.
This analysis allows Royce&rsquo;s portfolio managers to determine whether a company&rsquo;s ESG practices pose a material financial
risk or create an opportunity for investment. Consideration of ESG factors and risks is only one component of Royce&rsquo;s assessment
of potential investments and may not be a determinative factor in whether to invest in a company. The weight given to ESG factors
may vary between Funds and across different types of investments, sectors, industries, regions, and issuers; ESG factors and weights
considered may change over time; and not every ESG factor may be identified or evaluated for each security. In addition, Royce&rsquo;s
assessment of a company&rsquo;s ESG factors may differ from that of institutional investors, third-party service providers (e.g.,
ratings providers), and/or other funds, and may be dependent on the availability of timely, complete, and accurate ESG data reports
from issuers and/or third-party research providers. ESG factors are often not uniformly measured or defined, which could</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1pt 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: 8pt">64
<FONT STYLE="color: gray">|</FONT> This page is not a part of the 2022 Annual Audited 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">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 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">
    <TD STYLE="width: 100%; background-color: Black">&nbsp;</TD></TR>
</TABLE>
<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: 18pt">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 11pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">impact
Royce&rsquo;s ability to evaluate a company. While Royce views certain ESG factors as having the potential to contribute to a
stock&rsquo;s long-term performance, there is no guarantee of such results.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11pt 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 11pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Forward-Looking
Statements&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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>

<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: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         Funds&rsquo; future operating results</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: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         prospects of the Funds&rsquo; portfolio companies</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: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         impact of investments that the Funds have made or may make</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: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="padding-right: 12pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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></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: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 34pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the
                                         ability of the Funds&rsquo; portfolio companies to achieve their objectives.</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: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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.</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 9pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
Royce Funds have based the forward-looking statements included in this <I>Review and Report</I> 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 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Authorized
Share Transactions&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 8pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 ended December 31, 2022. 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 2pt 0pt 0; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 4pt 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 4pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Annual
Certifications&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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, 2022, 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Proxy
Voting&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 5pt 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 5pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(65,123,124)">Disclosure
of Portfolio Holdings&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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>

<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 a part of the 2022 Annual Audited Financial Statements <FONT STYLE="color: gray">|</FONT> 65</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>


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<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: 10pt Arial, Helvetica, Sans-Serif"></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="width: 100%; background-color: Black">&nbsp;</TD></TR>
</TABLE>
<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: 18pt"><A NAME="cefa016"></A>Results
of Stockholders Meetings</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: 9pt"><B>Royce
Value Trust, Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
the 2022 Annual Meeting of Stockholders held on September 28, 2022, the Fund&rsquo;s stockholders elected three Directors, consisting
of:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 25%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VOTES
    WITHHELD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patricia
    W. Chadwick</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,342,888</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,961,317</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Arthur
    S. Mehlman</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,286,092</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,018,113</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Michael
    K. Shields</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,379,312</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,924,893</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&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: 9pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Royce
Micro-Cap Trust, Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
the 2022 Annual Meeting of Stockholders held on September 28, 2022, the Fund&rsquo;s stockholders elected three Directors, consisting
of:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 25%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VOTES
    WITHHELD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patricia
    W. Chadwick</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,912,816</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,880,622</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Arthur
    S. Mehlman</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,064,759</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,728,679</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Michael
    K. Shields</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,996,266</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,797,171</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&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: 9pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Royce
Global Value Trust, Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At
the 2022 Annual Meeting of Stockholders held on September 28, 2022, the Fund&rsquo;s stockholders elected three Directors, consisting
of:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 30%; border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VOTES
    FOR</B></FONT></TD>
    <TD STYLE="width: 25%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>VOTES
    WITHHELD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patricia
    W. Chadwick</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,799,246</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">157,916</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Arthur
    S. Mehlman</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,806,793</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">150,370</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Michael
    K. Shields</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,819,885</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">137,278</FONT></TD></TR>
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    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #B3B3B3 1pt solid; border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #C5C3BC 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66
<FONT STYLE="color: gray">|</FONT> This page is not a part of the 2022 Annual Audited Financial Statements</FONT></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>
<p style="margin: 0">&nbsp;</p>

<center>
<div style="position: relative; left: 0px; top: 0; height: 900px; width: 700px">
<div style="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:51%">

<p style="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="cef025.jpg" ALT="" STYLE="height: 1010px; width: 780px"></p>

<p style="position: absolute; top: 480px; left: 50px; height: 33.62px; width: 362px; text-align: left; padding: 0in 0.1in; margin-bottom: 0; margin-top: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 16pt; color: white">About Royce Investment Partners</font><br>
<br>
<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><b>Unparalleled Knowledge + Experience</b></font></p>

<p style="position: absolute; top: 524px; left: 50px; height: 33.62px; width: 362px; text-align: left; padding: 0in 0.1in; margin-bottom: 5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white">Pioneers in small-cap investing, with 45+ years<br>
of experience, depth of knowledge,
    and focus.</font><br>
<br>
<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><b>Independent Thinking</b></font></p>

<p style="position: absolute; top: 580px; left: 50px; height: 33.62px; width: 362px; text-align: left; padding: 0in 0.1in; margin-bottom: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white">The confidence to go against consensus, the insight<br>
to uncover opportunities others might miss, and the<br>
tenacity to stay the course through market cycles.<br>
<br>
<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><b>Specialized Approaches</b></font></font></p>

<p style="position: absolute; top: 645px; left: 50px; height: 33.62px; width: 362px; text-align: left; padding: 0in 0.1in; margin-bottom: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white">U.S., international, and global investment strategies<br>
that pursue approaches with different
    risk profiles.</font><br>
<br><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><b>Unwavering Commitment</b></font></p>

<p style="position: absolute; top: 701px; left: 50px; height: 33.62px; width: 362px; text-align: left; padding: 0in 0.1in; margin-bottom: 5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif; color: white"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white">Our team of 17 portfolio managers
    has significant<br>
personal investments in the strategies
    they manage.</font></font></p>
</div>
<div style="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:45%">

<p style="position: absolute; top: 468px; left: 50px; height: 33.62px; width: 362px; text-align: left; padding: 0in 0.1in; margin-bottom: 5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt; color: white">Contact Us</font><br>
<br>
<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><b>GENERAL INFORMATION</b><BR>
General Royce Funds information including an<BR>
overview of our firm and Funds<BR>
<b>(800) 221-4268</b></font></p>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 55px; text-align: left"><FONT STYLE="color: White"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: White">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 60px; text-align: left"><FONT STYLE="color: White"><B>COMPUTERSHARE</B>&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 60px; text-align: left"><FONT STYLE="color: White"><B>Transfer Agent and Registrar</B><BR>
Speak with a representative about:&nbsp;</FONT></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10pt; text-align: left"><FONT STYLE="color: White">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: White">Your account, transactions, and forms</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 55px; text-align: left"><FONT STYLE="color: White"><B>&nbsp;&nbsp;(800) 426-5523</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: White">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-left: 60px; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: white 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 60px; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White"><B>FINANCIAL ADVISORS AND BROKER-DEALERS</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 60px; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White">Speak with your regional Royce contact regarding:</FONT></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White">Information about our firm, strategies, and Funds </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: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 60px"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White">Fund Materials</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: left"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 60px; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: White"><B>(800) 337-6923</B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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</div>
<br clear="ALL"><br>

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</div>
</center>

<p style="margin: 0">&nbsp;</p>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 2. &nbsp;&nbsp;&nbsp;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. During the period covered by this report, the Registrant
did not: (i) amend any provision of its code of ethics that applies to its principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions or (ii) grant any waiver, including an implicit waiver, from
a provision of such code of ethics to its principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: -0.5in"><B>Item 3. &nbsp;&nbsp;&nbsp;Audit
Committee Financial Expert. </B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(a)(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The Board of Directors of the Registrant has determined that it has
an audit committee financial expert serving on its audit committee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(a)(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Arthur S. Mehlman and Patricia W. Chadwick were designated by the Board
of Directors as the Registrant&#8217;s Audit Committee Financial Experts, effective April 15, 2004, and April 8, 2010, respectively. Mr.
Mehlman and Ms. Chadwick are &#8220;independent&#8221; as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the &#8220;1940
Act&#8221;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 4. &nbsp;&nbsp;&nbsp;Principal Accountant Fees and Services. </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(a)</FONT></TD><TD><FONT STYLE="font-weight: normal">Audit Fees:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">Year ended December 31, </FONT>2022
- $49,478</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in"><FONT STYLE="font-weight: normal">Year ended December 31, 2021
- $48,508</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(b)</FONT></TD><TD><FONT STYLE="font-weight: normal">Audit-Related Fees:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">Year ended December 31, 2022
- $0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in"><FONT STYLE="font-weight: normal">Year ended December 31, 2021
- $0</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(c)</FONT></TD><TD><FONT STYLE="font-weight: normal">Tax Fees:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">Year ended December 31, </FONT>2022
- $10,541 <FONT STYLE="font-weight: normal">- Preparation of tax returns</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in"><FONT STYLE="font-weight: normal">Year ended December 31, 2021
- $10,334 - Preparation of tax returns</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(d)</FONT></TD><TD><FONT STYLE="font-weight: normal">All Other Fees:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-weight: normal">Year ended December 31, 2022
- $0</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 229.5pt; text-indent: -193.5pt"><FONT STYLE="font-weight: normal">Year
ended December 31, 2021 - $0</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(e)(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Annual Pre-Approval: On an annual basis, the Registrant&#8217;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 its investment adviser and its affiliates 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 associated with them. Any subsequent revision to already pre-approved services
or fees are presented for consideration at the next regularly scheduled Audit Committee meeting, as needed. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify"><FONT STYLE="font-weight: normal">If subsequent
to the annual pre-approval of services and fees by the Audit Committee, the Registrant and/or its investment adviser and its affiliates
determines that it would like to engage the Registrant&#8217;s independent auditor to perform a service not already pre-approved, the
request is to be submitted to the Registrant&#8217;s Chief Financial Officer, and if he or she determines that the service fits within
the independence guidelines (i.e., 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: 0 0 6pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Interim
Pre-Approval: If, in the judgment of the Registrant'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&#8217;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</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in; text-align: justify">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, only the Chairman of the Audit Committee is authorized to pre-approve the engagement. The Registrant&#8217;s Chief Financial Officer
will arrange for this interim review and coordinate with the appropriate member(s) of the Audit Committee. The Registrant&#8217;s independent
auditor may not commence the engagement under consideration until the Registrant&#8217;s Chief Financial Officer has informed the auditor
in writing that the required pre-approval has been obtained from an individual member of the Audit Committee who is an independent Board
member or the Chairman of the Audit Committee, as applicable. Each 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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-bottom: 6pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-weight: normal">(e)(2)</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Not Applicable</FONT></TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(f)</FONT></TD>
  <TD><FONT STYLE="font-weight: normal">Not Applicable</FONT></TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-weight: normal">Year ended December 31, 2022 - $10,541</FONT></TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD><FONT STYLE="font-weight: normal">Year ended December 31, 2021 - $10,334</FONT></TD>
  <TD>&nbsp;</TD></TR>
</TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">No such services were rendered during 2022 or 2021.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify"><B>Item 5. &nbsp;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 (the &#8220;Exchange Act&#8221;). Patricia W. Chadwick, Christopher C. Grisanti,
Cecile B. Harper, Arthur S. Mehlman, G. Peter O&#8217;Brien, and Michael K. Shields are members of the Registrant&#8217;s audit committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 6. &nbsp;&nbsp;Investments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 6pt"><FONT STYLE="font-weight: normal">(a) See Item 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(b) Not Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><B>Item 7. &nbsp;&nbsp;Disclosure of Proxy Voting Policies
and Procedures for Closed-End Management Investment Companies. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Royce &amp; Associates, LP (&#8220;Royce&#8221;)
has adopted written proxy voting policies and procedures (the &#8220;Proxy Voting Procedures&#8221;) for itself and client accounts for
which Royce is responsible for voting proxies, including the Registrant. 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&#8217;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. When a client has authorized Royce to vote proxies on its behalf,
Royce will generally not accept instructions from the client regarding how to vote proxies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Royce&#8217;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 &quot;regularly recurring&quot;
and &quot;non-regularly recurring&quot; matters. Examples of regularly recurring matters include non-contested elections of directors
and non-contested approvals of independent auditors. Royce&#8217;s personnel are responsible for developing and maintaining a list of
matters Royce treats as &#8220;regularly recurring&#8221; 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. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Notwithstanding the above, all matters identified
by an independent third-party research firm as being &#8220;ESG&#8221; proposals are brought to the attention of the portfolio manager(s)
for the account(s) involved by Royce personnel. After giving consideration to the recommendation from the independent third-party research
firm, the portfolio</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">manager will direct that such matters be voted
in a way he or she believes appropriately takes into account environmental and social issues alongside traditional financial measures
to provide a more comprehensive view of the value, risk, and return potential of an investment. When Royce portfolio managers cast votes
on &#8220;ESG&#8221; proposals, they take into account the risk that companies may face significant financial, legal, and reputational
risks resulting from poor environmental and social practices, or negligent oversight of environmental or social issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under certain circumstances, Royce may also
vote against a proposal from the issuer's board of directors or management. Royce's portfolio managers decide these issues on a case-by-case
basis. These would include, among others, excessive compensation, unusual management stock options, preferential voting, and poison pills.
Royce's portfolio managers decide these issues on a case-by-case basis. In addition, a Royce portfolio manager 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's best interest to vote. From time to time, it is also possible that one Royce portfolio manager
will decide: (i) to vote shares held in client accounts he or she manages differently from the vote of another Royce portfolio manager
whose client accounts hold the same security or (ii) to abstain from voting on behalf of client accounts he or she manages when another
Royce portfolio manager is casting votes on behalf of other Royce client accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">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&#8217;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).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To further Royce'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'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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><B>Item 8. &nbsp;&nbsp;Portfolio Managers of Closed-End Management Investment
Companies. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-weight: normal">(a)(1) Portfolio
Managers of Closed-End Management Investment Companies (information as of December 31, 2022)</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; text-align: center"><B>Name</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Title</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10.5pt Calibri Light; text-align: center; color: #272727"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Length of Service</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Principal Occupation(s) During Past 5 Years</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;Charles M. Royce</FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center">Lead Portfolio Manager</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-weight: normal">Since 1986</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; width: 45%; border-bottom: Black 1pt solid; text-align: justify; padding-right: 6pt">Chairman of the Board of Managers of Royce, Member of the boards of directors/trustees of the Registrant, Royce Micro-Cap Trust, Inc. (&#8220;RMT&#8221;), Royce Global Value Trust, Inc., The Royce Fund, and Royce Capital Fund (collectively, &#8220;The Royce Funds&#8221;).</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;Lauren A. Romeo</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Portfolio Manager</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Since May 1, 2009</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify; padding-right: 6pt">Portfolio Manager of the Registrant (since May 1, 2021); Assistant Portfolio of the Registrant (May 1, 2009 &#8211; April 30, 2021); and Portfolio Manager and Analyst at Royce (since 2004).</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;Steven G. McBoyle</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Portfolio Manager</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Since <FONT STYLE="font-weight: normal">September 1, 2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify; padding-right: 6pt">Portfolio Manager of the Registrant (since May 1, 2021); Assistant Portfolio Manager of the Registrant (<FONT STYLE="font-weight: normal">September 1, 2018</FONT> &#8211; April 30, 2021); and Portfolio Manager at Royce (since 2007).</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;Andrew S. Palen</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Portfolio Manager</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Since <FONT STYLE="font-weight: normal">September 1, 2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: justify; padding-right: 6pt">Portfolio Manager of the Registrant (since May 1, 2021); Assistant Portfolio Manager of the Registrant (<FONT STYLE="font-weight: normal">September 1, 2018</FONT> &#8211; April 30, 2021); 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).</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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


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<P STYLE="font: 10pt Times Roman,serif; margin: 0 0 6pt; text-align: justify">(a)(2) Other Accounts Managed by Portfolio Manager and Potential
Conflicts of Interest (information as of December 31, 2022).</P>

<P STYLE="font: 10pt Times Roman,serif; margin: 0 0 3pt; text-align: justify"><B><U>Other Accounts</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 18%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio<BR>
 <U>Manager</U></B></FONT></TD>
    <TD STYLE="padding-left: 10pt; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Type
    of Account</U></B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number
    of Accounts <BR>
    <U>Managed</U></B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></P>
    <P STYLE="font: italic 10.5pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Assets
    <U><BR>
    Managed</U></B></FONT></P></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Accounts</B></FONT></P>
    <P STYLE="font: italic 10.5pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Managed
    for which</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Advisory Fee
    is</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Performance-Based</U></B></FONT></P></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Value of Managed</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Accounts for
    which</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Advisory Fee
    is</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Performance <U><BR>
    Based</U></B></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; text-align: justify">&nbsp;&nbsp;Charles M. Royce</TD>
    <TD STYLE="padding-left: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Registered investment companies</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">8</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$5,975,964,874</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$2,071,068,955</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Private pooled investment vehicles</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$60,462,425</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Other accounts*</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">13</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$57,355,251</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;&nbsp;Lauren A. Romeo</TD>
    <TD STYLE="padding-left: 10pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Registered investment companies</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$4,423,016,353</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,605,179,372</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Private pooled investment vehicles</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">9</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$656,261,385</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Other accounts*</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;Steven G. McBoyle</FONT></TD>
    <TD STYLE="padding-left: 10pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Registered investment companies</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$5,176,581,832</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,605,179,372</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Private pooled investment vehicles</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">10</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$529,050,656</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Other accounts*</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;Andrew S. Palen</FONT></TD>
    <TD STYLE="padding-left: 10pt; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Registered investment companies</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$4,423,016,353</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,605,179,372</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Private pooled investment vehicles</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$53,481,330</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 6pt; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt">Other accounts*</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify">*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&#8217;s Rule 17j-1 Code of Ethics.</P>

<P STYLE="font: 10pt Times Roman,serif; margin: 0 0 3pt; text-align: justify"><B><U>Conflicts of Interest</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">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'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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">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 &#8220;bunched&#8221;
order) in an effort to obtain best execution or a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">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's level of participation in the order, subject to Royce&#8217;s minimum
ticket size requirements. 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. In addition, on a limited,
infrequent basis, and in accordance with written procedures, Royce may change initial allocations from one Royce client account to another
Royce client account prior to the booking of the trade on the day after trade date when: (i) it is determined that a security is unsuitable
or inappropriate for a particular Royce client account in the original allocation; (ii) there is insufficient cash in a Royce client account
to which a security is initially allocated; (iii) there is a client-imposed restriction on the purchase of the security being allocated;
or (iv) the Portfolio Manager has decided to change the initial allocation for some other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">As described below, there
is a revenue-based component of each Portfolio Manager'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 and Lauren A. Romeo receive variable compensation based on Royce'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&#8217;s shares and assets under management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">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,
Lauren A. Romeo, Steven G. McBoyle, and Andrew S. Palen, as Portfolio Managers of the Registrant, is based, in part, on performance-based
fee revenues. The Registrant pays 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: 0 0 6pt; text-align: justify; text-indent: 0.5in">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&#8217;s stockholders&#8217; interests). Royce generally does not permit its Portfolio Managers to purchase small-
or micro-cap securities for their personal investment portfolios.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times Roman,serif; margin: 0 0 6pt; text-align: justify">(a)(3) Description of Portfolio Manager Compensation Structure
(information as of December 31, 2022)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.3pt 6pt 5.85pt; text-align: justify; text-indent: 26.25pt">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&#8217;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&#8217;s compensation consists of the following elements:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 28.05pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt">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&#8217;s experience and responsibilities.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 28.05pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt">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 the Portfolio Managers that relates to the Registrant is performance-based fee revenue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.3pt 6pt 5.85pt; text-align: justify; text-indent: 26.25pt">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&#8217;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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 28.05pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt">FIRM-RELATED VARIABLE COMPENSATION. Portfolio Managers receive quarterly variable
compensation based on Royce&#8217;s net revenues.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 28.05pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt">BENEFIT PACKAGE. Portfolio Managers also receive benefits standard for all Royce
employees, including health care and other insurance benefits, and participation in Royce&#8217;s 401(k) Plan and Money Purchase Pension
Plan. Each Royce employee, including each Portfolio Manager, is also eligible to purchase shares of Franklin Resources, Inc. at a 15%
discount to its closing price on certain dates in accordance with the terms and conditions of the Franklin Templeton Employee Stock Investment
Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times Roman,serif; margin: 0 0 6pt; text-align: justify">(a)(4) Dollar Range of Equity Securities in Registrant Beneficially
Owned by Portfolio Manager (information as of December 31, 2022).</P>

<P STYLE="font: 10pt Times Roman,serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">The following table shows the dollar
range of the Registrant&#8217;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.</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="padding-left: 10pt; width: 38%; border: Black 1pt solid; font-weight: bold; text-align: left; padding-right: 10pt"><B><U>Portfolio Manager</U></B></TD>
    <TD STYLE="width: 62%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B><U>Dollar Range of Registrant&#8217;s Shares Beneficially Owned</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-right: 10pt"><FONT STYLE="font-weight: normal">Charles M. Royce</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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="padding-left: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-right: 10pt"><FONT STYLE="font-weight: normal">Lauren A. Romeo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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="padding-left: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt"><FONT STYLE="font-weight: normal">Steven G. McBoyle</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-weight: normal">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt"><FONT STYLE="font-weight: normal">Andrew S. Palen</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; 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: 0 0 6pt"><FONT STYLE="font-weight: normal">(b) Not Applicable</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 9. &nbsp;&nbsp;&nbsp;&nbsp;&thinsp;&nbsp;Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers. </B><FONT STYLE="font-weight: normal">Not Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 10. &nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders.
</B><FONT STYLE="font-weight: normal">Not Applicable. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 11. &nbsp;&nbsp;&nbsp;Controls and Procedures. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">(a) Disclosure Controls and Procedures. The Principal Executive and
Financial Officers concluded that the Registrant'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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in">(b) Internal Control over Financial Reporting. There were no significant
changes in Registrant'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 period covered by this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Item 12. &nbsp;&nbsp;Disclosure of Securities Lending
Activities for Closed-End Management Investment Companies. </B>The Fund is party to a revolving credit agreement (the &#8220;Credit Agreement&#8221;)
with BNP Paribas Prime Brokerage International Limited (&#8220;BNPPI&#8221;). The Credit Agreement 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 receives a
portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities. For more information, see &#8220;Borrowings&#8221;
in the Notes to the Fund&#8217;s Financial Statements.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Item 13. &nbsp;&nbsp;&nbsp;Exhibits.</B> <FONT STYLE="font-weight: normal">Attached
hereto. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(a)(1) The Registrant&#8217;s code
of ethics pursuant to Item 2 of Form N-CSR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(a)(2) Separate certifications
by the Registrant&#8217;s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the 1940 Act.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(a)(3) Not Applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(b) Separate certifications by
the Registrant&#8217;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 1940 Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-weight: normal"><I>[Signature
page to follow.]</I></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Exchange Act and the 1940 Act, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ROYCE VALUE TRUST, INC. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">BY: <U>/s/Christopher D. Clark&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;</B></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Christopher D. Clark</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: February 28, 2023</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Exchange Act and the Investment 1940
Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><B>ROYCE VALUE TRUST, INC. </B></TD>
  <TD STYLE="width: 50%"><B>ROYCE VALUE TRUST, INC.</B></TD></TR>
</TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">BY: <U>/s/Christopher D. Clark&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
  <TD STYLE="width: 50%">BY: <U>/s/Peter K. Hoglund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><B>Christopher D. Clark</B></TD>
  <TD STYLE="width: 50%"><B>Peter K. Hoglund</B></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%"><B>President</B></TD>
  <TD STYLE="width: 50%"><B>Chief Financial Officer</B></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">Date: February 28, 2023</TD>
  <TD STYLE="width: 50%">Date: February 28, 2023</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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



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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ex12a-1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 12(a)(1):</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4in">September 2003, as revised</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4in">December 16, 2019</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">CODE OF ETHICS</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOR COVERED OFFICERS OF THE ROYCE FUNDS</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 &#8220;Fund&#8221;
and collectively, &#8220;The Royce Funds&#8221;) have adopted the following Code of Ethics (the &#8220;Code&#8221;) applicable to its
President, Chief Financial Officer and Manager of Fund Accounting (&#8220;Covered Officers&#8221;) 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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Separate Code</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217; and Royce Investment Partners (&#8220;Royce&#8221;),
the investment adviser to The Royce Funds, code of ethics under Rule 17j-1 under the Investment Company Act of 1940 (the &#8220;Investment
Company Act&#8221;) 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 &#8220;Advisers Act&#8221;) 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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Requirements</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All Covered Officers must:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">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="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">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
&#8220;SEC&#8221;) and in other public communications made by each of the Funds;</FONT></TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Comply with applicable governmental laws, rules and regulations;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">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&#8217;s General Counsel and the Fund&#8217;s Audit
Committee.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s own personal interests.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Avoidance of Conflicts</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">service as a director on the board of any public company;</FONT></TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">any ownership interest in, or any consulting or employment relationship
with, any of The Royce Funds&#8217; service providers, other than its investment adviser, principal underwriter, administrator or any
affiliated person thereof; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">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="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Materiality</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#8217;s General Counsel.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Compliance and Annual Acknowledgment</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Covered Officer is required: (i) upon receipt
of the Code, to sign and submit to Royce&#8217;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&#8217;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&#8217;s General Counsel,
as appropriate, if the Covered Officer observes any irregularities or violations of this Code.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>VI.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Enforcement of the Code</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Royce Funds will adhere to the following procedures
when investigating and enforcing this Code: (i) Royce&#8217;s General Counsel will take all appropriate action to investigate any potential
violations reported to him or her; (ii) if Royce&#8217;s General Counsel determines that a violation has occurred, he or she will take
all appropriate disciplinary or preventive action and inform the Fund&#8217;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&#8217; Audit Committees prior to
approval of the waiver.</P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>VII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Amendments </U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>VIII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Confidentiality</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt"><B>IX.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><U>Internal Use</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Date: September 17, 2003, as revised</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">December 16, 2019</P>


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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SCHEDULE A</U></P>

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Peter Hoglund</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Mary Macchia</P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 12(a)(2):</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Christopher D. Clark, certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">1.</TD><TD>I have reviewed this report on Form N-CSR of Royce Value Trust, Inc.;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4. The registrant'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:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">a) designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c) evaluated the effectiveness of the registrant&#8217;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">d) disclosed in this report any change in the registrant&#8217;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&#8217;s internal control over financial reporting; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: February 28, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><u>/s/Christopher D. Clark&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Christopher D. Clark</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item
12(a)(2):</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Peter K. Hoglund, certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this report on Form N-CSR of Royce Value Trust, Inc.;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4. The registrant'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:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">a) designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c) evaluated the effectiveness of the registrant&#8217;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">d) disclosed in this report any change in the registrant&#8217;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&#8217;s internal control over financial reporting; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5. The registrant's other certifying officer and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: February 28, 2023</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><U>/s/Peter K. Hoglund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item
12(b):</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO </B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name of Issuer: ROYCE VALUE TRUST, INC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1. The Report fully complies with the requirements of Section 13(a) or
15 (d) of the Securities Exchange Act of 1934; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2. The information contained in the Report fairly presents, in all materials
respects, the financial condition and results of operations of the issuer.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: February 28, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><u>/s/Christopher D. Clark&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Christopher D. Clark</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item
12(b):</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AS ADOPTED PURSUANT TO </B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name of Issuer: ROYCE VALUE TRUST, INC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1. The Report fully complies with the requirements of Section 13(a) or
15 (d) of the Securities Exchange Act of 1934; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">2. The information contained in the Report fairly presents,
in all materials respects, the financial condition and results of operations of the issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: February 28, 2023</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><U>/s/Peter K. Hoglund&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">Peter K. Hoglund</P>

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

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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M0QGPT@'#5#&?#2 <-4,9\-(!PU0QGPT@'#5#&?#2 <-4,9\-(!PU0QGPT@'#
M5#&?#2 <-4,9\-(!PU0QGPT@'#5#&?#2 <-4,9\-(!PU0QGPT@'#5#&?#2 <
M-4,9\-(#=':D(O;9[:VV7>B2;-0#:
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M                                               !=<S<VYC6\6YD
M79XMJM96L>4Y5MPK7NUC"M=VA1/*:44B                 $_N/M> -$;G
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M                               !/[C[7@#1&YY\N_4&
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M              3^X^UX T1N>?+OU!@
M                                                        $_N/
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M                                      !/[C[7@#1&YY\N_4&
M
M                     3^X^UX T6S\^7_*[M1+'5 =4!U0'5 =4!U0'5 =
M4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0
M'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =
M4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0'5 =4!U0
@'5 =4!U0'5 =4!U0'5 =4!U0'5 =4"?W/W7G>!"7_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
