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<SEC-DOCUMENT>0001010549-09-000726.txt : 20091105
<SEC-HEADER>0001010549-09-000726.hdr.sgml : 20091105
<ACCEPTANCE-DATETIME>20091105153241
ACCESSION NUMBER:		0001010549-09-000726
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20090930
FILED AS OF DATE:		20091105
DATE AS OF CHANGE:		20091105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAPITAL SOUTHWEST CORP
		CENTRAL INDEX KEY:			0000017313
		IRS NUMBER:				751072796
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00061
		FILM NUMBER:		091161023

	BUSINESS ADDRESS:	
		STREET 1:		12900 PRESTON RD STE 700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75230
		BUSINESS PHONE:		9722338242

	MAIL ADDRESS:	
		STREET 1:		12900 PRESTON RD
		STREET 2:		SUITE 700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75230
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>cswc10q093009.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 10pt; FONT-FAMILY: 'TMS RMN'">
        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px; FONT-FAMILY: 'TMS RMN'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px; FONT-FAMILY: 'TMS RMN'" align="center"><b><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif">UNITED STATES</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px; FONT-FAMILY: 'TMS RMN'" align="center"><b><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px; FONT-FAMILY: 'TMS RMN'" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif">Washington, D.C. 20549</font></p>

        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="center"><b><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif">FORM 10-Q</font></b></p>

        <p align="left"><font face="Times New Roman, Times, serif">(Mark One)</font></p>

        <p align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="4"><strong>[X]</strong></font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="4">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="4">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="4">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="4">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="4">&nbsp;</font></td>

                <td width="718">
                    <p align="center"><font face="Times New Roman, Times, serif" size="4">EXCHANGE ACT OF 1934</font></p>
                </td>

                <td align="left" width="117"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="52"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p></p>

        <p></p>

        <p align="left"><font size="2"><font face="Times New Roman, Times, serif">For the quarterly period ended&nbsp;<strong>September 30, 2009</strong></font></font><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font style="FONT-WEIGHT: normal" face="Times New Roman, Times, serif">OR</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="4"><strong>[</strong>&nbsp; ]</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="4">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="4">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="4">TRANSITION&nbsp;REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="4">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="4">&nbsp;</font></td>

                <td width="718">
                    <p align="center"><font face="Times New Roman, Times, serif" size="4">EXCHANGE ACT OF 1934</font></p>
                </td>

                <td align="left" width="117"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="52"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p></p>

        <p align="justify"><font face="Times New Roman, Times, serif" size="2">For the transition period from &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..to
        &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..</font>&nbsp;<font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2"><font face="Times New Roman, Times, serif">Commission File Number: <b>814-61</b></font>&nbsp;</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">CAPITAL SOUTHWEST CORPORATION</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'TIMES NEW ROMAN'">(Exact name of registrant as specified in its charter)</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

        <p align="center"></p>

        <p></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr>
                <td width="278">
                    <p align="left"><strong><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas</font></strong></p>
                </td>

                <td width="326">
                </td>

                <td width="345"><font size="2"><font face="Times New Roman, Times, serif">&nbsp;&nbsp; <strong>75-1072796</strong></font></font></td>

                <td width="4">
                </td>
            </tr>

            <tr>
                <td width="278">
                    <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;(State or other jurisdiction of incorporation</font></p>
                </td>

                <td width="326">
                </td>

                <td width="345"><font face="Times New Roman, Times, serif" size="2">&nbsp;(I.R.S. Employer</font></td>

                <td width="4">
                </td>
            </tr>

            <tr>
                <td width="278">
                    <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or&nbsp;organization)&nbsp;</font></p>
                </td>

                <td width="326">
                </td>

                <td width="345"><font face="Times New Roman, Times, serif" size="2">Identification No.)</font></td>

                <td width="4">
                </td>
            </tr>
        </table>
        <br>

        <p></p>

        <p align="center"></p>

        <p></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td width="48%">
                    <p align="left"><font face="Times New Roman, Times, serif" size="2"><strong>12900 Preston Road, Suite 700, Dallas, Texas</strong></font></p>
                </td>

                <td width="147">
                </td>

                <td width="330"><strong><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; 75230</font></strong></td>

                <td width="2%">
                </td>
            </tr>

            <tr>
                <td width="48%">
                    <p align="left"><font face="Times New Roman, Times, serif" size="2">(Address of principal executive offices)</font></p>
                </td>

                <td width="147">
                </td>

                <td width="330"><font face="Times New Roman, Times, serif" size="2">(Zip Code)</font></td>

                <td width="2%">
                </td>
            </tr>
        </table>
        <br>

        <p align="center"></p>

        <p align="center"><b><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;&nbsp;<font size="2">&nbsp;&nbsp;</font></font></b><font size="2"><font face="Times New Roman, Times, serif"><b>Registrant's telephone number, including area code:</b> <b><font style="FONT-SIZE: 9pt; FONT-FAMILY: 'TIMES NEW ROMAN'">(</font></b><b>972) 233-8242</b></font></font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
        Yes&nbsp; <b><u>X&nbsp;</u> &nbsp;&nbsp;</b> No&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>

        <p></p>

        <p></p>
        <font face="Times New Roman, Times, serif">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such filings). Yes&nbsp; &nbsp;___ No ___ </font>

        <p></p>
        <font face="Times New Roman, Times, serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &ldquo;accelerated filer,&rdquo; &ldquo;large accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act. (Check One):</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="1%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="164"><font face="Times New Roman, Times, serif" size="2">Large accelerated filer</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="33"><font face="Times New Roman, Times, serif" size="2">&nbsp; </font></td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="119"><font face="Times New Roman, Times, serif" size="2">Accelerated filer</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="37">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">X</font></p>
                </td>

                <td align="left" width="102"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="137"><font face="Times New Roman, Times, serif" size="2">Non-accelerated filer</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="114"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="164" colspan="1"><font face="Times New Roman, Times, serif" size="2">Smaller reporting company&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="33">&nbsp;</td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="119">
                </td>

                <td width="37">
                </td>

                <td width="102">
                </td>

                <td width="137">
                </td>

                <td width="36">
                </td>

                <td width="114">
                </td>
            </tr>
        </table>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <p></p>

        <p></p>
        <font face="Times New Roman, Times, serif">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ___&nbsp;No&nbsp; <b><u>X&nbsp;</u></b> <br>
        </font>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">Indicate the number of shares outstanding of each of the issuer&rsquo;s classes of common stock, as of the latest practicable date.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">3,741,638 shares of Common Stock, $1 par value, as of October 30, 2009</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <p></p>

        <p align="center"></p>
        <br>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <p></p>

        <p></p>

        <p></p>

        <p></p>

        <p></p>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="center">&nbsp;</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font face="Times New Roman, Times, serif">TABLE OF CONTENTS</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

        <p></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td colspan="5">
                    <p align="right"><u><font face="Times New Roman, Times, serif" size="2">Page No.</font></u></p>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="4"><font face="Times New Roman" size="2">PART I.&nbsp;&nbsp;FINANCIAL INFORMATION</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">
                </td>

                <td colspan="2"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">&nbsp;ITEM 1.&nbsp;&nbsp;&nbsp; Consolidated Financial Statements</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">Consolidated Statements of Assets and Liabilities</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2009 (Unaudited) and March 31, 2009</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">3</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">Consolidated Statements of Operations (Unaudited)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the three months and six months ended&nbsp;September 30, 2009 and</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3" height="13">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2008</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">4</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">Consolidated Statements of Changes in Net Assets (Unaudited)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the&nbsp;six months ended&nbsp;September 30, 2009&nbsp; and </font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; September 30, 2008</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">5</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">Consolidated Statements of Cash Flows (Unaudited)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the three and six months ended&nbsp;September 30, 2009 and</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2008</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">6</font></p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                </td>

                <td colspan="2"><font size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">Consolidated&nbsp;Portfolio of Investments (Unaudited)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2009</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">7</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">Notes to Consolidated Financial Statements</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">12</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">&nbsp;ITEM 2.&nbsp;&nbsp;&nbsp; Management&rsquo;s Discussion and Analysis of Financial</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condition and Results of Operations</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">20</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">&nbsp;ITEM 3.&nbsp;&nbsp;&nbsp; Quantitative and Qualitative Disclosure About</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="16"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="887"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market Risk</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">24</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">&nbsp;ITEM 4.&nbsp;&nbsp;&nbsp; Controls and Procedures</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">24</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" colspan="4"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="4"><font face="Times New Roman" size="2">PART II.&nbsp;&nbsp;OTHER INFORMATION</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">&nbsp;ITEM 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">25</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">&nbsp;ITEM 1A. Risk Factors</font></td>

                <td>
                    <p align="center"><font face="Times New Roman" size="2">25</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887">&nbsp;</td>

                <td align="left">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;Submission of Matters to Vote of Security Holders</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">26</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left" width="29">
                </td>

                <td align="left" width="16">
                </td>

                <td align="left" width="887"><font size="2">&nbsp; </font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left">
                </td>

                <td align="left" width="29"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">&nbsp;ITEM 6.&nbsp;&nbsp;&nbsp; Exhibits</font></td>

                <td>
                    <p align="left"><font face="Times New Roman" size="2">26</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" colspan="4"><font size="2">&nbsp;</font></td>

                <td>
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" colspan="4"><font size="2">&nbsp;<font face="Times New Roman, Times, serif">Signatures&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">27</font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p></p>
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        <p></p>

        <p></p>

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        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"><b><u><font face="Times New Roman, Times, serif">PART I. FINANCIAL INFORMATION</font></u></b></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif" size="2">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Statements</font></p>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif">CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><u><font face="Times New Roman, Times, serif">Consolidated Statements of Assets and Liabilities</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px; TEXT-DECORATION: underline" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="left" border="0">
            <tr valign="bottom">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2"><strong>Assets</strong></font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="116">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30, 2009</font></p>
                </td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="110">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">March 31, 2009</font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="627">
                </td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="116">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">(Unaudited)</font></p>
                </td>

                <td align="left" width="23">
                </td>

                <td width="13">
                </td>

                <td width="110">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">Investments at market or fair value&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies more than 25% owned&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost: September 30, 2009 - $26,028,302,&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2009 - $29,208,246)</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">$296,026,564</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">$286,488,248</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies 5% to 25% owned&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost: September 30, 2009 - $20,912,243,&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2009 - $20,412,243)</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">78,069,267</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">66,388,010</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies less than 5% owned&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost: September 30, 2009 - $51,437,290,&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2009 - $39,718,702)</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">68,840,129</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">43,758,765</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost: September 30, 2009 - $98,377,835,&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2009 - $89,339,191)</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">442,935,960</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">396,635,023</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">Cash and cash equivalents</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">6,744,329</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">14,721,730</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">Receivables&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">732,324</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">498,506</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliates</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">1,011,983</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">16,706</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">Pension assets</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">5,677,703</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">5,468,861</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">Other assets</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">160,562</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">202,313</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">$457,262,861</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">$417,543,139</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="627">&nbsp;</td>

                <td align="left" width="16">
                </td>

                <td align="left">
                </td>

                <td width="10">
                </td>

                <td width="116">
                </td>

                <td width="23">
                </td>

                <td width="13">
                </td>

                <td width="110">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2"><strong>Liabilities</strong></font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="10">
                </td>

                <td width="116">
                </td>

                <td width="23">
                </td>

                <td width="13">
                </td>

                <td width="110">
                </td>

                <td>
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="627">&nbsp;</td>

                <td align="left" width="16">
                </td>

                <td align="left">
                </td>

                <td align="right" width="10">
                </td>

                <td align="right" width="116">
                </td>

                <td align="left" width="23">
                </td>

                <td align="right" width="13">
                </td>

                <td align="right" width="110">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">Other liabilities</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951,400</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253,294</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">Pension liability</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">958,715</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">934,427</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">Deferred income taxes</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">1,651,852</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">1,092,427</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">3,561,967</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">2,280,148</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="627">&nbsp;</td>

                <td align="left" width="16">
                </td>

                <td align="left">
                </td>

                <td width="10">
                </td>

                <td width="116">
                </td>

                <td width="23">
                </td>

                <td width="13">
                </td>

                <td width="110">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2"><strong>Net Assets</strong>&nbsp;&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="627">&nbsp;</td>

                <td align="left" width="16">
                </td>

                <td align="left">
                </td>

                <td width="10">
                </td>

                <td width="116">
                </td>

                <td width="23">
                </td>

                <td width="13">
                </td>

                <td width="110">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $1 par value: authorized,&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 shares; issued, 4,326,516 shares&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at September 30, 2009 and March 31, 2009</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">4,326,516</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">4,326,516</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional capital</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">124,590,664</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">124,571,029</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed net investment income</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">2,273,099</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">2,963,640</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed net realized gain on investments</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">1,889,138</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">42,622</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation of investments</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="116"><font face="Times New Roman, Times, serif" size="2">344,558,125</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="110"><font face="Times New Roman, Times, serif" size="2">307,295,832</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock - at cost 584,878 shares at&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2009 and March 31, 2009</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">(23,936,648</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">(23,936,648</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">453,700,894</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">415,262,991</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and net assets</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">$457,262,861</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">$417,543,139</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="627"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(on the 3,741,638 shares outstanding)</font></td>

                <td align="left" width="16"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="116"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121.26</font></td>

                <td align="left" width="23"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="13">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="110"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110.98</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p align="center"><font face="Times New Roman, Times, serif"><em>The accompanying Notes are an integral part of these Consolidated Financial Statements</em></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">3</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <div title="EE+ Page Footer" style="MARGIN-TOP: 12pt">
            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center">&nbsp;</p>
        </div>
        <!-- PAGE BREAK  -->

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">CAPITAL SOUTHWEST CORPORATION<br>
        AND SUBSIDIARIES</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Consolidated Statements of Operations</font></u></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">(Unaudited)</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" width="37%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="right" width="1%">
                </td>

                <td colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Three Months Ended&nbsp;</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Six Months Ended </font></p>
                </td>

                <td align="left" width="3%">
                </td>
            </tr>

            <tr>
                <td align="left" width="37%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30&nbsp;</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30&nbsp;</font></p>
                </td>

                <td align="left" width="3%">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="37%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="9%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="9%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2008</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="9%">
                    <p align="center"><font face="Times New Roman" size="2">2009</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="9%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2008</font></p>
                </td>

                <td align="left" width="3%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Investment income:</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 189,446</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 327,171</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 512,254</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 677,023</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">613,232</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">677,999</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">1,197,602</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">1,335,479</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and directors' fees</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">260,350</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">311,108</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">543,100</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">542,108</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,063,028</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,316,278</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">2,252,956</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">2,554,610</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Operating expenses:</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">495,276</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">439,480</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">951,332</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">777,919</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net pension benefit</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(121,248</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(44,779</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(184,554</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(126,617</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">291,930</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">435,192</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">622,630</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">804,437</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">665,958</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">829,893</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,389,408</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,455,739</font></td>

                <td align="left">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Income before income taxes</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">397,070</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">486,385</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">863,548</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">1,098,871</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Income tax expense</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">35,234</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">57,343</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">57,434</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">84,630</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Net investment income</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 361,836</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 429,042</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 806,114</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 1,014,241</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Proceeds from disposition of investments</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp; 5,176,460</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp; 5,176,460</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Cost of investments sold</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">3,329,944</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">48,041</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">3,329,944</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">48,041</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Net realized gain (loss) on investments</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,846,516</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(48,041</font></td>

                <td valign="middle" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,846,516</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(48,041</font></td>

                <td valign="middle" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Net increase (decrease) in unrealized</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;<strong>appreciation of investments</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">27,013,023</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(30,970,122</font></td>

                <td valign="middle" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">37,262,293</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(31,227,236</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Net realized and unrealized gain (loss)</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;<strong>on investments</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$28,859,539</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$(31,018,163</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$39,108,809</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$(31,275,277</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Increase (decrease) in net assets from</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<strong>operations</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$29,221,375</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$(30,589,121</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$39,914,923</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$(30,261,036</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center"><font face="Times New Roman"><em>The accompanying Notes are an integral part of these Consolidated Financial Statements</em></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="left">&nbsp;</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">4</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">CAPITAL SOUTHWEST CORPORATION</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif">AND SUBSIDIARIES</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><u><font face="Times New Roman, Times, serif" size="2">Consolidated Statements of Changes in Net Assets</font></u></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif" size="2">(Unaudited)</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="597">
                </td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="120">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Six Months</font></p>
                </td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="120">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Six Months</font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="597">
                </td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="120">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Ended</font></p>
                </td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="120">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Ended</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="597">
                </td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="120">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30, 2009</font></p>
                </td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="120">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30, 2008</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">Operations</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="120">
                </td>

                <td width="36">
                </td>

                <td width="12">
                </td>

                <td width="120">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806,114</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12">
                </td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,014,241</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">1,846,516</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">(48,041</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="120">
                </td>

                <td width="36">
                </td>

                <td width="12">
                </td>

                <td width="120">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of investments</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="120"><font face="Times New Roman, Times, serif" size="2">37,262,293</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="120"><font face="Times New Roman, Times, serif" size="2">(31,227,236</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets from operations</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">39,914,923</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">(30,261,036</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="597">&nbsp;</td>

                <td align="left" width="12">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td width="120">
                </td>

                <td width="36">
                </td>

                <td width="12">
                </td>

                <td width="120">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">Distributions from:</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="120">
                </td>

                <td width="36">
                </td>

                <td width="12">
                </td>

                <td width="120">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undistributed net investment income</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">(1,496,655</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">(2,678,152</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">Capital share transactions:</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="120">
                </td>

                <td width="36">
                </td>

                <td width="12">
                </td>

                <td width="120">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in pension plan funded status</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">(263,416</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock option expense</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">283,051</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">220,594</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="120"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="120"><font face="Times New Roman, Times, serif" size="2">(16,903,346</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">38,437,903</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="120"><font face="Times New Roman, Times, serif" size="2">(49,621,940</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="597">&nbsp;</td>

                <td align="left" width="12">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="120">
                </td>

                <td align="left" width="36">
                </td>

                <td align="right" width="12">
                </td>

                <td align="right" width="120">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">Net assets, beginning of period</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="120"><font face="Times New Roman, Times, serif" size="2">415,262,991</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="120"><font face="Times New Roman, Times, serif" size="2">583,700,214</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="597">&nbsp;</td>

                <td align="left" width="12">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="120">
                </td>

                <td align="left" width="36">
                </td>

                <td align="right" width="12">
                </td>

                <td align="right" width="120">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="597"><font face="Times New Roman, Times, serif" size="2">Net assets, end of period</font></td>

                <td align="left" width="12"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="120"><font face="Times New Roman, Times, serif" size="2">$453,700,894</font></td>

                <td align="left" width="36"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="12">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="120"><font face="Times New Roman, Times, serif" size="2">$534,078,274</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p></p>

        <p align="center"><em><font face="Times New Roman">The accompanying Notes are an integral part of these Consolidated Financial Statements</font></em></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">5</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in" align="left"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">CAPITAL SOUTHWEST CORPORATION</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">AND SUBSIDIARIES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><u><font face="Times New Roman, Times, serif">Consolidated Statements of Cash Flows</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif" size="2">(Unaudited)</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" width="40%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="right" width="1%">
                </td>

                <td colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Three Months Ended</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Six Months Ended</font></p>
                </td>

                <td align="left" width="3%">
                </td>
            </tr>

            <tr>
                <td align="left" width="40%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30</font></p>
                </td>

                <td align="left" width="3%">
                </td>
            </tr>

            <tr>
                <td align="left" width="40%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2008 </font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2008</font></p>
                </td>

                <td align="left" width="3%">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="40%"><font face="Times New Roman, Times, serif" size="2"><strong>Cash flows from operating activities</strong></font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="8%">
                </td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="8%">
                </td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="8%">
                </td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="8%">
                </td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">Increase (decrease) in net assets from&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;operations</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$29,221,375</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$(30,589,121</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$39,914,923</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$(30,261,036</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">Adjustments to reconcile increase in net&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;assets from operations to net cash&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;provided by operating activities:&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Proceeds from disposition of investments</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">5,176,459</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">5,176,459</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&ndash;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Proceeds from repayment of debt securities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">3,000,000</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Purchases of securities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(9,405,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(3,994,279</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(15,368,588</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(4,103,820</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Depreciation and amortization</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">7,245</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">10,638</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">14,898</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">19,907</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Net pension benefit</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(121,248</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(44,780</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(184,554</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(126,617</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Realized (gain) loss on investments</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(1,846,516</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">48,041</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(1,846,516</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">48,041</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Net (increase) decrease in unrealized&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;appreciation of investments</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(27,013,023</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">30,970,122</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(37,262,293</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">31,227,236</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Stock option expense</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">141,526</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">132,605</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">283,051</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">220,594</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Increase in dividend and interest receivable</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">62,048</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(101,876</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(233,818</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(122,632</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Increase in receivables from affiliates</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(726,662</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(341,004</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(764,067</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(344,384</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Increase (decrease) in other assets</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">19,977</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(26,325</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">26,853</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(23,747</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Increase (decrease) in other liabilities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">665,853</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(497,383</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">698,106</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">22,992</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Decrease in accrued pension cost</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(34,467</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(68,934</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Increase in deferred income taxes</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">42,600</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">15,800</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">64,800</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">44,300</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net cash used in operating activities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(3,775,366</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(4,452,029</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(6,480,746</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(3,468,100</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2"><strong>Cash flows from financing activities</strong>&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">Distributions from undistributed net&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;investment income</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(1,496,655</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(1,555,660</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Purchase of treasury stock</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(16,178,867</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(16,903,346)</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net cash used in financing activities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(16,178,867</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(1,496,655</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(18,459,006</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">Net decrease in cash and cash&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;equivalents</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(3,775,366</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(20,630,896</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(7,977,401</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(21,927,106</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">Cash and cash equivalents at beginning&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;of period</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">10,519,695</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">30,031,548</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">14,721,730</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">31,327,758</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Cash and cash equivalents at end of period</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp; 6,744,329</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$&nbsp; 9,400,652</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp; 6,744,329</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp; 9,400,652</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2"><strong>Supplemental disclosure of cash flow information:</strong>&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">Cash paid during the period for:&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Interest</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Income taxes</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p align="center"><br>
        <em><font face="Times New Roman">The accompanying Notes are an integral part of these Consolidated Financial Statements</font></em></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">6</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'"><font size="2">CAPITAL SOUTHWEST CORPORATION</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'"><font size="2">AND SUBSIDIARIES</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'"><u><font size="2">Consolidated&nbsp;Portfolio of Investments</font></u></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'"><font size="2">September&nbsp;30, 2009</font></font></p>

        <p align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">
                    <p align="left"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font face="Times New Roman, Times, serif" size="2">Company</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="429">
                    <p align="left"><strong><font face="Times New Roman, Times, serif" size="2">Investment (a)</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="center"><strong><font face="Times New Roman, Times, serif" size="2">Cost</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="81">
                    <p align="center"><strong><font face="Times New Roman, Times, serif" size="2">Value (b)</font></strong></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;</td>

                <td align="left" width="429">
                </td>

                <td align="right" width="3">
                </td>

                <td width="81">
                </td>

                <td align="right" width="7">
                </td>

                <td align="right" width="81">
                </td>
            </tr>

            <tr valign="bottom" height="19">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2"><strong>&dagger;ALAMO GROUP INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">2,830,300 shares common stock (acquired 4-1-73 thru 5-25-07)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp; 2,190,937</font></p>
                </td>

                <td align="right" width="7">
                </td>

                <td align="right" width="81"><font face="Times New Roman, Times, serif" size="2">$ 33,963,600</font></td>
            </tr>

            <tr valign="bottom" height="14">
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Seguin, Texas</strong></font></font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Tractor-mounted mowing and mobile</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;excavation equipment for governmental,</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;industrial and agricultural markets; street-</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td valign="middle" align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;sweeping equipment for municipalities.</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="429">
                </td>

                <td align="right" width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2"><strong>ALL COMPONENTS, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">8.25% subordinated note due 2012 (acquired 6-27-07)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;6,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6,000,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Austin, Texas</strong></font></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">150,000 shares Series A Convertible Preferred Stock, convertible into</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Electronics contract manufacturing;</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; 600,000 shares of common stock at $0.25 per share (acquired 9-16-94)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;150,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,613,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;distribution and production of memory</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">Warrants to purchase 350,000 shares of common stock at $11.00 per</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;and other components for computer</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; share, expiring 2017 (acquired 6-27-07)</font></td>

                <td align="right" width="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;manufacturers, retailers and value-added</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6,150,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">9,613,000</font></p>
                </td>
            </tr>

            <tr valign="middle" height="14">
                <td valign="top" align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;resellers.</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="429">
                </td>

                <td align="right" width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2"><strong>ATLANTIC CAPITAL BANCSHARES, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">300,000 shares common stock (acquired 4-10-07)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;3,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,150,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Atlanta, Georgia</strong></font></font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Holding company of Atlantic Capital Bank,</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom" height="13">
                <td valign="top" align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;a full service commercial bank.</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2"><strong>BALCO, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">445,000 shares common stock and 60,920 shares Class B non-voting</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Wichita, Kansas</strong></font></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; common stock (acquired 10-25-83 and 5-30-02)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;624,920</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">8,000,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Specialty architectural products used in</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;the construction and remodeling of</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;commercial and institutional buildings.</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2"><strong>BOXX TECHNOLOGIES, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">3,125,354 shares Series B Convertible Preferred Stock, convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Austin, Texas</strong></font></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 3,125,354 shares of common stock at $0.50 per share</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Workstations for computer graphic</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 8-20-99 thru 8-8-01)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;1,500,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;imaging and design.</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2"><strong>CMI HOLDING COMPANY, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">1,631,516 shares Series C-1 Convertible Preferred Stock, convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<strong>Richardson, Texas</strong></font></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 1,613,516 shares of common stock at $2.15 per share (acquired 7-10-09)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;2,863,347</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,507,759</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Owns Chase Medical, which develops</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">2,327,658 shares Series A Convertible Preferred Stock,</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;and sells devices used in cardiac surgery</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; convertible into 2,327,658 shares of common stock at $1.72</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;to relieve congestive heart failure; develops</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; per share (acquired 8-21-02 and 6-4-03)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;4,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;and supports cardiac imaging systems.</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">Warrants to purchase 109,012 shares of common stock at $1.72 per</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; share, expiring 2012 (acquired 4-7-04)</font></td>

                <td width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">Warrant to purchase 575,975 shares of Series A-1 Convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock at $1.72 per share, expiring 2017 (acquired 7-2-07)</font></td>

                <td width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">Warrant to purchase 60,174 shares of Series A-1 Convertible&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr height="15">
                <td align="left" width="272">
                </td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; Preferred Stock at $1.72 per share, expiring 2019 (acquired 6/9/09)</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">
                </td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6,863,347</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,507,761</font></p>
                </td>
            </tr>
        </table>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"><b><font style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">7</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">CAPITAL SOUTHWEST CORPORATION</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">AND SUBSIDIARIES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><u><font face="Times New Roman, Times, serif">Consolidated&nbsp;Portfolio of Investments</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">September&nbsp;30, 2009</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman">(continued)</font></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271">
                    <p align="left"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font face="Times New Roman, Times, serif" size="2">Company</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="429">
                    <p align="left"><strong><font face="Times New Roman, Times, serif" size="2">Investment (a)</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="center"><strong><font face="Times New Roman, Times, serif" size="2">Cost</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="80">
                    <p align="center"><strong><font face="Times New Roman, Times, serif" size="2">Value (b)</font></strong></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">&nbsp;</td>

                <td align="left" width="429">
                </td>

                <td align="right" width="3">
                </td>

                <td align="left" width="81">
                </td>

                <td align="right" width="7">
                </td>

                <td align="right" width="80">
                </td>
            </tr>

            <tr valign="bottom" height="18">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>CINATRA CLEAN TECHNOLOGIES, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">10% subordinated secured promissory note (acquired 7-14-08</font></td>

                <td align="right" width="3">
                </td>

                <td align="left" width="81">
                </td>

                <td align="right" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="80">
                </td>
            </tr>

            <tr valign="bottom" height="2">
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Houston, Texas</strong></font></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; thru 6-16-09)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$&nbsp;&nbsp;&nbsp; 5,084,432</font></p>
                </td>

                <td width="7">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp; 5,084,432</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Cleans above ground oil storage tanks</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">1,128,649 shares Series A Convertible Preferred Stock, convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;with a patented, automated system.</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 1,128,649 shares common stock at $1.00 per share</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 7-14-08 and 11-19-08)</font></td>

                <td align="right" width="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,128,649</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,128,649</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6,213,081</font></p>
                </td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6,213,081</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td align="left" width="429">&nbsp;</td>

                <td align="right" width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>&dagger;ENCORE WIRE CORPORATION</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">4,086,750 shares common stock (acquired 7-16-92 thru 10-7-98)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;5,800,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">73,561,500</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>McKinney, Texas</strong></font></font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Electric wire and cable for residential,</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;commercial and industrial construction use..</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>EXTREME INTERNATIONAL, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">13,035 shares Series A common stock (acquired 9-26-08 and</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Sugar Land, Texas</strong></font></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; 12-18-08)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;325,875</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">527,102</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Owns Bill Young Productions, Texas</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">39,359.18 shares Series C Convertible Preferred Stock, convertible</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Video and Post, and Extreme</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 157,436.72 shares of common stock at $25.00 per share</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Communications, which produce radio</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 9-30-03)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;2,625,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">6,366,336</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;and television commercials and</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">3,750 shares 8% Series A Convertible Preferred Stock, convertible into</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;corporate communications videos.</font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; 15,000 shares of common stock at $25.00 per share (acquired 9-30-03)</font></td>

                <td align="right" width="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;375,000</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">606,562</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp; </font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,325,875</font></p>
                </td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">7,500,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="429">
                </td>

                <td align="right" width="3">
                </td>

                <td width="81">
                </td>

                <td align="right" width="7">
                </td>

                <td align="right" width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>&dagger;HEELYS, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">9,317,310 shares common stock (acquired 5-26-00)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;102,490</font></p>
                </td>

                <td align="right" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="80"><font face="Times New Roman, Times, serif" size="2">17,796,062</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Carrollton, Texas</strong></font></font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Heelys stealth skate shoes, equipment</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;and apparel sold through sporting goods</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;chains, department stores and footwear</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;retailers.</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="429">
                </td>

                <td align="right" width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>&dagger;HOLOGIC, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">&Dagger;632,820 shares common stock (acquired 8-27-99)</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;220,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">10,327,622</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Bedford, Massachusetts</strong></font></font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Medical instruments including bone</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;densitometers, mammography devices</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;and digital radiography systems.</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp; </font></td>

                <td align="left" width="429">
                </td>

                <td align="right" width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>iMEMORIES, INC.</strong></font></td>

                <td align="left" width="429"><font face="Times New Roman, Times, serif" size="2">17,391,304 shares Series B Convertible Preferred Stock,</font></td>

                <td align="right" width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;4,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4,000,000</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp;&nbsp;<strong>Scottsdale, AZ</strong></font></font></td>

                <td width="429">&nbsp;&nbsp; <font face="Times New Roman, Times, serif" size="2">convertible into 17,391,304 shares of common stock at $0.23</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr valign="bottom" height="15">
                <td valign="bottom" align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Enables online video and photo sharing</font></td>

                <td width="429">&nbsp;&nbsp; <font face="Times New Roman, Times, serif" size="2">per share (acquired 7-10-09)</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; and DVD creation for home movies recorded</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80">&nbsp;</td>
            </tr>

            <tr>
                <td valign="top" align="left" width="271">&nbsp;&nbsp; <font face="Times New Roman, Times, serif" size="2">in analog nad new digital format.</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="271">&nbsp;</td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>KBI BIOPHARMA, INC.</strong></font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">7,142,857 shares Series B-2 Convertible Preferred Stock,</font></td>

                <td width="3">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">5,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">5,000,000</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;&nbsp; Durham, NC</strong></font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; convertible into 7,142,857 shares of common stock at</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Provides fully-integrated outsourced</font></td>

                <td width="429"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; $0.70 per share (acquired 9-08-09)</font></td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; drug development and bio-manufacturing</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>

            <tr>
                <td valign="top" align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; services.</font></td>

                <td width="429">
                </td>

                <td width="3">
                </td>

                <td width="81">
                </td>

                <td width="7">
                </td>

                <td width="80">
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">8</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">CAPITAL SOUTHWEST CORPORATION</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">AND SUBSIDIARIES</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><u><font face="Times New Roman, Times, serif">Consolidated&nbsp;Portfolio of Investments</font></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">September&nbsp;30, 2009</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">(continued)</font></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="272">
                    <p align="left"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, serif" size="2">&nbsp; Company</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="433">
                    <p align="left"><strong><font face="Times New Roman, Times, serif" size="2">Investment (a)</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="center"><strong><font face="Times New Roman, Times, serif" size="2">Cost</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="81">
                    <p align="center"><strong><font face="Times New Roman, Times, serif" size="2">Value (c)</font></strong></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;</td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">LIFEMARK GROUP</font></strong></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">1,449,026 shares common stock (acquired 7-16-69)</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp; 4,510,400</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$ 71,000,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Hayward, California</font></strong></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Cemeteries, mausoleums and mortuaries</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; located in northern California.</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">&nbsp;</td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">MEDIA RECOVERY, INC.&nbsp;</font></strong></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">800,000 shares Series A Convertible Preferred Stock, </font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="7">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="81">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr valign="bottom" height="13">
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Dallas, Texas</font></strong></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; convertible into 800,000 shares of common stock at</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="top" height="13">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Computer datacenter and office automation</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; $1.00 per share (acquired 11-4-97)</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; 2,000,000</font></p>
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; supplies and accessories; impact, tilt&nbsp;</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">4,000,002 shares common stock (acquired 11-4-97)</font></td>

                <td width="4">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4,615,000</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">9,800,000</font></p>
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; monitoring and temperature sensing</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">5,415,000&nbsp;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">11,800,000</font></p>
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; devices to detect mishandling shipments;</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr valign="top">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; dunnage for protecting shipments.</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">PALLETONE, INC.&nbsp;&nbsp;</font></strong></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">12.3% senior subordinated notes due 2012 (acquired 9-25-06)&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif"><font size="2">1,553,150<font style="FONT-SIZE: 8.5pt">&nbsp;</font></font></font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp; <strong>Bartow, Florida</strong></font></font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">150,000 shares common stock (acquired 10-18-01)&nbsp;&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">150,000&nbsp;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp; Manufacturer of wooden pallets and<font style="FONT-SIZE: 8.5pt">&nbsp;&nbsp;</font></font></font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">Warrant to purchase 15,294 shares of common stock at $1.00 </font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; pressure-treated lumber.&nbsp;</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; per share, expiring 2011 (acquired 2-17-06)&nbsp;</font></td>

                <td width="4">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font face="Times New Roman, Times, serif"><font size="2">45,746<font style="FONT-SIZE: 8.5pt">&nbsp;</font></font></font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr height="14">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,748,896</font></p>
                </td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,000,002</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font face="Times New Roman, Times, serif"><font size="2"><font style="FONT-SIZE: 7pt; COLOR: #000000">&dagger;</font><b>PALM HARBOR HOMES, INC.&nbsp;</b> &nbsp;</font></font></p>
                </td>

                <td width="433">
                    <p align="left"><font face="Times New Roman, Times, serif" size="2">7,855,121 shares common stock (acquired 1-3-85 thru 7-31-95)</font></p>
                </td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">10,931,955</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;9,818,902</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp; <strong>Dallas, Texas</strong></font></font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">Warrant to purchase 286,625 shares of common stock</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Integrated manufacturing, retailing,</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp; at $3.14 per share, expiring 2019 (acquired 4-24-09)</font></td>

                <td width="4">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>
            </tr>

            <tr height="19">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; financing and insuring of manufactured</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">10,931,955</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">9,818,902</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; housing and modular homes.</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">THE RECTORSEAL CORPORATION&nbsp;&nbsp;</font></strong></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">27,907 shares common stock (acquired 1-5-73 and 3-31-73)&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">52,600</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">104,500,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Houston, Texas</font></strong></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Specialty chemicals for plumbing, HVAC,</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; electrical, construction, industrial, oil field</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; and automotive applications; smoke contain-</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; ment systems for building fires; also owns 20%</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; of The Whitmore Manuacturing Company.&nbsp;</font></td>

                <td width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">TCI HOLDINGS, INC.</font></strong></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">21 shares 12% Series C Cumulative Compounding Preferred&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">677,250</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp; <strong>Denver, Colorado</strong><font style="FONT-SIZE: 8.5pt">&nbsp;</font></font></font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; stock (acquired 1-30-90)&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr height="16">
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Cable television systems and microwave</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; relay systems.</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&dagger;<b>TEXAS CAPITAL BANCSHARES, INC.</b><font style="FONT-SIZE: 8.5pt">&nbsp;</font></font></font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&Dagger;489,656 shares common stock (acquired 5-1-00)&nbsp;</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,550,006&nbsp;</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">8,226,221</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp; <strong>Dallas, Texas</strong></font></font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Regional bank holding company with</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; banking operations in six Texas cities.</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><strong><font face="Times New Roman, Times, serif" size="2">TRAX HOLDINGS, INC.&nbsp;</font></strong></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">1,061,279&nbsp;shares Series A Convertible Preferred Stock, convertible</font></td>

                <td width="4">
                </td>

                <td width="80">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">5,000,000</font></p>
                </td>

                <td width="7">
                </td>

                <td width="81">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">5,000,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp; <strong>Scottsdale, Arizona&nbsp;</strong> </font></font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; into 1,061,279 common stock at $4.71 per share (acquired 12-08-08</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Provides a comprehensive set of solutions&nbsp;</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; and 2-17-09)</font></td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; to improve the transportation validation,</font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; accounting, payment and information </font></td>

                <td width="433">
                </td>

                <td width="4">
                </td>

                <td width="80">
                </td>

                <td width="7">
                </td>

                <td width="81">
                </td>
            </tr>

            <tr>
                <td align="left" width="272"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; management process.</font></td>

                <td width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="4"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="80"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="7"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="81"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">9</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 8.5pt"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</strong> </font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 8.5pt"><font face="Times New Roman, Times, serif" size="2">CAPITAL SOUTHWEST CORPORATION</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 8.5pt"><font face="Times New Roman, Times, serif" size="2">AND SUBSIDIARIES</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 8.5pt"><u><font face="Times New Roman, Times, serif" size="2">Consolidated Portfolio of Investments</font></u></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 8.5pt"><font face="Times New Roman, Times, serif" size="2">September&nbsp;30, 2009</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif">(continued)</font></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271">
                    <p align="left"><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, serif" size="2">&nbsp; Company</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="434">
                    <p align="left"><strong><font face="Times New Roman, Times, serif" size="2">Investment (a)</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">
                    <p align="center"><strong><font face="Times New Roman, Times, serif" size="2">Cost</font></strong></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="82">
                    <p align="center"><strong><font face="Times New Roman, Times, serif" size="2">Value (b)</font></strong></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">&nbsp;</td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><strong><font face="Times New Roman, Times, serif" size="2">VIA HOLDINGS, INC.&nbsp;</font></strong></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">9,118 shares Series B Preferred Stock (acquired 9-19-05)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp; 4,559,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><strong><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Sparks, Nevada</font></strong></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">1,118 shares Series C Preferred Stock (acquired 11-01-07)&nbsp;</font></td>

                <td width="6">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">281,523</font></p>
                </td>

                <td width="8">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">2</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Designer, manufacturer and distributor</font></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4,840,523</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">4</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; of high-quality office seating.</font></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">&nbsp;</td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2"><strong>WELLOGIX, INC.</strong><font style="FONT-SIZE: 8.5pt">&nbsp;</font></font></font></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">4,788,371 shares Series A-1 Convertible Participating Preferred&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr height="13">
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp; <strong>Houston, Texas&nbsp;</strong> </font></font></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Stock, convertible into 4,788,371 shares of common stock at</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Developer and supporter of software</font></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; $1.0441 per share (acquired 8-19-05 thru 6-15-08) </font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;5,000,000</font></p>
                </td>

                <td width="8">
                    <p align="right">&nbsp;</p>
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; used by the oil and gas industry.</font></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="79"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="82"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr height="19">
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2"><strong>THE WHITMORE MANUFACTURING</strong> </font></font></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">80 shares common stock (acquired 8-31-79) </font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,600,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">38,400,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><strong><font face="Times New Roman, Times, serif" size="2">COMPANY</font></strong></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2">&nbsp;&nbsp; <strong>Rockwall, Texas</strong></font></font></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr height="13">
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Specialized surface mining, railroad and</font></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; industrial lubricants; coatings for automobiles</font></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; and primary metals; fluid contamination</font></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; control devices.</font></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="79"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="82"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="434">
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271"><font face="Times New Roman, Times, serif" size="2"><strong>MISCELLANEOUS</strong></font></td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;Ballast Point Ventures II, L.P. &ndash; 2.6% limited partnership interest</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 8-4-08 thru 4-23-09)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">525,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">525,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;BankCap Partners Fund I, L.P. &ndash; 6.0% limited partnership interest</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 7-14-06 thru 6-18-09)&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">5,513,837</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">5,513,837</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;CapitalSouth Partners Fund III, L.P. &ndash; 2.8% limited partnership interest</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 1-22-08 and 2-12-09)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">831,256</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">831,256</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;Diamond State Ventures, L.P. &ndash; 1.9% limited partnership interest</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 10-12-99 thru 8-26-05)&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">111,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">111,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;Discovery Alliance, LLC &ndash; 90.0% limited liability company&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 9-12-08 thru 6-01-09)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">600,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">600,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;Essex Capital Corporation &ndash; 10% unsecured promissory note&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; due 8-19-10 (acquired 8-16-09)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,000,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;First Capital Group of Texas III, L.P. &ndash; 3.0% limited partnership</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; interest (acquired 12-26-00 thru 8-12-05)&nbsp;&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">964,604</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">618,637</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;Humac Company &ndash; 1,041,000 shares common stock (acquired 1-31-75</font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; and 12-31-75)</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;&nbsp;</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">148,000</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;STARTech Seed Fund I &ndash; 12.1% limited partnership interest (acquired </font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; 4-17-98 thru 1-5-00) </font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">178,066</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;STARTech Seed Fund II &ndash; 3.2% limited partnership interest (acquired </font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; 4-28-00 thru 2-23-05)&nbsp;</font></td>

                <td width="6">
                </td>

                <td width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">950,000</font></p>
                </td>

                <td width="8">
                </td>

                <td width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1</font></p>
                </td>
            </tr>

            <tr>
                <td align="left" width="271">
                </td>

                <td width="434"><font face="Times New Roman, Times, serif" size="2">&ndash;Sterling Group Partners I, L.P. &ndash; 1.7% limited partnership interest </font></td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp; (acquired 4-20-01 thru 1-24-05)</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">1,064,042</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">533,219</font></p>
                </td>
            </tr>

            <tr>
                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="271"><font face="Times New Roman, Times, serif"><font size="2"><strong>TOTAL INVESTMENTS</strong>&nbsp;</font></font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="434"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="6"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="79">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$98,377,835</font></p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="8"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="82">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;$442,935,960</font></p>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="271">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font face="Times New Roman, Times, serif"><font size="2"><font style="FONT-SIZE: 7pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">&dagger;</font><font style="FONT-SIZE: 7pt">Publicly-owned company</font>&nbsp;&nbsp;&nbsp;</font></font></p>
                </td>

                <td width="434">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font face="Times New Roman, Times, serif"><font size="2"><font style="FONT-SIZE: 7pt; FONT-FAMILY: 'Times New Roman'">&Dagger;</font></font><font size="1">Unrestricted securities as defined in Note (a)</font></font></p>
                </td>

                <td width="6">
                </td>

                <td width="79">
                </td>

                <td width="8">
                </td>

                <td width="82">
                </td>
            </tr>
        </table>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p></p>

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        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px; TEXT-DECORATION: underline" align="center"><u><font face="Times New Roman, Times, serif" size="2">Notes to Consolidated Portfolio of Investments</font></u></p>

        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px; TEXT-DECORATION: underline" align="center"><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif" size="2">(Unaudited)</font></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><b>Unrestricted securities</b> (indicated by &plusmn;) are freely marketable securities having readily available market quotations. All other securities are <b>restricted securities</b>, which are subject to one or more restriction on resale and are not freely marketable. At September 30, 2009,
        restricted securities represented approximately <b>9</b><b>5</b><b>.</b><b>8</b><b>%</b> of the value of the consolidated investment portfolio.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Valuation Policy</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Our investments are carried at fair value in accordance with the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) and FASB Accounting Standards Codification&trade; (ASC) Topic 820, <i>Fair Value Measurements</i> <i>and Disclosures</i><i>.</i> In accordance with the 1940 Act, unrestricted
        minority-owned publicly traded securities, for which the market quotations are readily available, are valued at the closing sale price for the NYSE listed securities and the lower of the closing bid price or the last sale price for NASDAQ securities on the valuation date; and restricted publicly traded securities and other privately held securities are valued as determined in good faith by our Board of Directors.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We adopted FASB ASC Topic 820 on April 1, 2008 (see footnote 3 in &ldquo;Notes to Consolidated Financial Statements,&rdquo; page 13). ASC Topic 820 provides a framework for measuring the fair value of assets and liabilities along with guidance regarding a fair value hierarchy, which prioritizes
        information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used for valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">ASC Topic 820 defines fair value in terms of the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the &ldquo;exit price&rdquo;) and excludes transaction costs. Under ASC Topic 820, the
        fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset. The principal market is the market in which the reporting entity would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability under ASC, it is assumed that the reporting entity has access to
        the market as of the measurement date.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Methodologies</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Debt Securities</u> are generally valued on the basis of the price the security would command in order to provide a yield-to-maturity equivalent to the present yield of comparable debt instruments of similar quality. Issuers whose debt securities are judged to be of poor quality and doubtful
        collectability may instead be valued by assigning major percentage discounts commensurate with the quality of such debt securities. Debt securities may also be valued based on the resulting value from the sale of the business at the estimated fair market value.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Partnership Interests, Preferred Equity and Common Equity</u> including unrestricted marketable securities, which are valued at the closing sale price for the NYSE listed securities and the lower of the closing bid price or the last sale price for NASDAQ securities on the valuation date, and
        restricted marketable securities for which there is a public market, are valued at the closing sale price for the NYSE listed securities and the lower of the closing bid price or the last sale price for NASDAQ securities on the valuation date adjusted in good faith by our Board of Directors if they deem a discount or premium would be likely or obtainable upon a sale or transfer of our interest. For those without a principal market, the Board of Directors considers the financial
        condition and operating results of the issuer; the long-term potential of the business of the issuer; the market for and recent sales prices of the issuer&rsquo;s securities; the values of similar securities issued by companies in similar businesses; the proportion of the issuer&rsquo;s securities owned by the Company; protective put analysis based on the Black-Scholes option pricing model; the nature and duration of resale restrictions; and the nature of any rights enabling the Company
        to require the issuer to register restricted securities under applicable securities laws. In determining the fair value of restricted securities, the Board of Directors considers the inherent value of such securities without regard to the restrictive feature and adjusts for any diminution in value resulting from restrictions on resale.</p>

        <p></p>

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        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Notes to Consolidated Portfolio of Investments<br>
        (continued)</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Equity Warrants</u> are valued on the basis of accepted formulas derived from empirical studies which define the market value of a warrant in relation to the market price of its common stock. These formulas measure the &ldquo;option value&rdquo; of a warrant as well as its &ldquo;exercise
        value&rdquo; (the amount, if any, by which the value of the stock exceeds the exercise price of the warrant). In applying such formulas, the market price of the stock is usually discounted to reflect the fact that the stock is restricted and the calculated value is of the warrant itself may be discounted (if deemed appropriate) to reflect its restrictive nature. Generally, the option value is excluded if the formula indicates (i) the warrant expires within six months, (ii) the market
        price of the stock (discounted) is less than one-half of the exercise price of the warrant, or (iii) the market price of the stock (discounted) is more than two times the amount of the exercise price of the warrant.</p>

        <p></p>
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        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font face="Times New Roman, Times, serif"><u>N</u><u>otes to Consolidated Financial Statements</u></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif" size="2">(Unaudited)</font></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Capital Southwest Corporation (&ldquo;CSC&rdquo; or the &ldquo;Company&rdquo;) was organized as a Texas corporation on April 19, 1961. Until September 1969, we operated as a licensee under the Small Business Investment Act of 1958. At that time, we transferred to our wholly-owned subsidiary, Capital
        Southwest Venture Corporation ("CSVC") certain assets and our license as a small business investment company ("SBIC"). CSVC is a closed-end, non-diversified investment company of the management type registered under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;). Prior to March 30, 1988, we were registered as a closed-end, non-diversified investment company under the 1940 Act. On that date, we elected to become a business development company subject to the provisions of
        the 1940 Act, as amended by the Small Business Incentive Act of 1980. Because we wholly own CSVC, the portfolios of both entities are referred to collectively as &ldquo;our,&rdquo; &ldquo;we&rdquo; and &ldquo;us.&rdquo; Capital Southwest Management Company (&ldquo;CSMC&rdquo;), a wholly-owned subsidiary of CSC, is the management company for CSC and CSVC. CSMC generally incurs all normal operating and administrative expenses, including but not limited to salaries and related benefits,
        rent, equipment and other administrative costs required for its day-to-day operations.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Our portfolio is a composite of companies in which we have major interests as well as a number of developing companies and marketable securities of established publicly-owned companies. We make available significant managerial assistance to the companies in which we invest and believe that providing
        material assistance to such investee companies is critical to their business development activities.When appropriate CSMC receives a monthly fixed fee for their management services provided to the portfolio companies.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaudited Interim Consolidated Financial Statements&nbsp;</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for investment companies. Under rules and regulations applicable to investment companies, we are precluded from consolidating any entity other than
        another investment company. An exception to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Our consolidated financial statements include our management company.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form10-Q and Article 6 of Regulation S-X. The financial statements should be read in conjunction with the
        consolidated financial statements and notes thereto included in our Form 10-K for the year ended March 31, 2009, as filed with the Securities and Exchange Commission (SEC).&nbsp; Certain information and footnotes&nbsp;&nbsp;normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted, although we believe that the disclosures are adequate for a fair presentation. The information reflects
        all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;&nbsp;</p>
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        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Notes to Consolidated Financial Statements<br>
        (continued)</font></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Accounting Standards Codification</u> The Financial Accounting Standards Board&rsquo;s (FASB) Accounting Standards Codification&trade; (ASC) became effective on July 1, 2009. At that date, the ASC became FASB&rsquo;s officially recognized source of authoritative U.S. generally accepted accounting
        principles (GAAP) applicable to all public and non-public non-governmental entities, superseding existing FASB, American Institute of Certified Public Accountants (AICPA), Emerging Issues Task Forces (EIFT) and related literature. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. The switch to ASC affects the way companies
        refer to U.S. GAAP in financial statements and accounting policies. Citing particular content in the ASC involves specifying the unique numeric path to the content through the Topic, Subtopic, Section and Paragraph structure.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Fair Value Measurements</u> The Company adopted FASB ASC Topic 820 on April 1, 2008. ASC Topic 820 (1) creates a single definition of fair value, (2) establishes a framework for measuring fair value, and (3) expands disclosure requirements about items measured at fair value.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Statement applies to both items recognized and reported at fair value in the financial statements and items disclosed at fair value in the notes to the financial statements. The Statement does not change existing accounting rules governing what can or what must be recognized and reported at fair
        value in the Company&rsquo;s financial statements, or disclosed at fair value in the Company&rsquo;s notes to the financial statements. Additionally, ASC Topic 820 does not eliminate practicability exceptions that exist in accounting pronouncements amended by this Statement when measuring fair value.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Prior to ASC Topic 820, certain measurements of fair value were based on the price that would be paid to acquire an asset, or received to assume a liability (an entry price). FASB ASC Topic 820 clarifies the definition of fair value as the price that would be received from the sale of an asset, or paid
        to transfer a liability, in an orderly transaction between market participants at the measurement date (that is, an exit price). The exit price is based on the amount that the holder of the asset or liability would receive or need to pay in an actual transaction (or in a hypothetical transaction if an actual transaction does not exist) at the measurement date. In some circumstances, the entry and exit price may be the same; however, they are conceptually different.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Fair value is generally determined based on quoted market prices in the active markets for identical assets or liabilities. If quoted market prices are not available, the Company uses valuation techniques that place greater reliance on observable inputs and less reliance on unobservable inputs. In
        measuring fair value, the Company may make adjustments for risks and uncertainties, if a market participant would include such an adjustment in its pricing.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="left"><u>Cash and Cash Equivalents</u> Cash equivalents include all highly liquid investments with an original maturity of three months or less. We maintain cash and cash equivalents at several financial institutions, which at times may not be federally insured or may exceed federally insured limits. We have not
        experienced any losses in such accounts and believe we are not exposed to any significant credit risks on such accounts.</p>
        <!-- PAGE BREAK  -->

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            <a name="PAGENUM"><font face="Times New Roman">13</font></a>
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        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -0.5in 0pt 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Notes to Consolidated Financial Statements<br>
        (continued)</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Segment Information</u> The Company operates and manages its business in a singular segment. As an investment company, the Company invests in portfolio companies in various industries and geographic areas as presented in the portfolio of investments.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Use of Estimates</u> 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 disclosure of contingent assets
        and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Federal Income Taxes</u> CSC and CSVC intend to comply with the requirements of the Internal Revenue Code (IRC) necessary to qualify as regulated investment companies (RICs). By meeting these requirements, they will not be subject to corporate federal income taxes on ordinary income distributed to
        shareholders. The Company&rsquo;s policy is to retain and pay the 35% corporate tax on realized long-term capital gains. For investment companies that qualify as RICs under the IRC, federal income taxes payable on security gains that the company elects to retain are accrued only on the last day of the tax year, December 31. Therefore, CSC and CSVC made no provision for federal income taxes on such gains and net investment income in their financial statements.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">CSMC, a wholly owned subsidiary of CSC, is not a RIC and is required to pay taxes at the current corporate rate.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Deferred Taxes</u> The Company sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its controlled affiliates. Deferred taxes related to the qualified defined benefit pension plan are recorded as incurred.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Stock-Based Compensation</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company recognizes compensation cost over the straight-line method for all share-based payments granted on or after that date and for all awards granted to employees prior to April 1, 2006 that remain unvested on that date. The fair value
        of stock options are determined on the date of grant using the Black-Scholes pricing model and are expensed over the vesting period of the related stock options.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><u>Defined Pension Benefits and Other Postretirement Plans</u> The Company is required to, as an employer that sponsors one or more postretirement defined benefit plan(s), (i) recognize the funded status of postretirement defined benefit plans &ndash; measured as the difference between the fair value of
        plan assets and the benefit obligations &ndash; in its balance sheet; (ii) recognize changes in the funded status of postretirement defined benefit plans in shareholder&rsquo;s equity in the year in which the changes occur; and (iii) measure postretirement defined benefit plan assets and obligations as of the date of the employer&rsquo;s fiscal year-end. The Company presently uses March 31 as the measurement date for all of its postretirement defined benefit plans.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Company fair values its investments in accordance with GAAP as determined in good faith by our Board of Directors. When available, we base the fair value of our investments on directly observable market prices or on market data derived for comparable assets. For all other investments, inputs used to
        measure fair value reflect management&rsquo;s best estimate of assumptions that would be used by market participants in pricing the investments in a hypothetical transaction.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The levels of fair value inputs used to measure our investments are characterized in accordance with the fair value hierarchy established by ASC Topic 820, &ldquo;<i>Fair Value Measurements and Disclosures</i>&rdquo;. Where inputs for an asset or liability fall in more than one level in the fair value
        hierarchy, the investment is classified in its entirety based on the lowest level input that is significant to that investment&rsquo;s fair value measurement. We use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement. While management believes our valuation methodologies are appropriate and consistent with market participants, the use of different methodologies or assumptions to determine the fair value of
        certain financial instruments could result in a different estimate of fair value at the reporting date. The three levels of the fair value hierarchy and investments that fall into each of the levels are described below:</p>

        <p></p>

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            <a name="PAGENUM"><font face="Times New Roman" size="2">14</font></a>
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        </div>

        <p align="justify"><font face="Times New Roman, Times, serif">Notes to Consolidated Financial Statements<br>
        (continued</font>)</p>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="6">
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td valign="top" align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman, Times, serif" size="2"><em>Level 1:</em> Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. We use Level 1 inputs for publicly traded unrestricted securities. Such investments are valued at the closing price for listed securities and at the lower of the closing bid price or the closing sale price for over-the-counter (NASDAQ) securities on the valuation
                    date.&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman, Times, serif" size="2"><em>Level 2:</em> Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in non-active markets, quoted prices for similar instruments in active markets and similar data. We did not value any of our investments using level 2 inputs as of September 30,
                    2009.&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman, Times, serif" size="2"><em>Level 3:</em> Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the company&rsquo;s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. We use Level 3 inputs for measuring the fair value of substantially all of our investments.
                    See &ldquo;Notes to Portfolio of Investments&rdquo; (c) on page 11 for the investment policy used to determine the fair value of these investments.&nbsp;&nbsp;</font></p>
                </td>
            </tr>
        </table>
        <br>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The following fair value hierarchy table sets forth our investment portfolio by level as of September 30, 2009 (in millions):</p>

        <p></p>

        <table style="MARGIN-LEFT: 0.4in" cellspacing="0" cellpadding="0" width="80%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in" valign="middle" width="151">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in" valign="middle" width="82">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in" valign="top" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="middle" width="317" colspan="5">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Fair Value Measurements at Reporting Date Using</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in" valign="middle" width="14">&nbsp;</td>
            </tr>

            <tr style="HEIGHT: 13.2pt">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="middle" width="151">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Total</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="95">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Quoted Prices in Active Markets for Identical Assets </font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">(Level 1)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="middle" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="91">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Significant </font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Other Observable Inputs</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;(Level 2)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="middle" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Significant Unobservable Inputs</font></p>

                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;(Level 3)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="middle" width="14">&nbsp;</td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="151">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Debt</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">$ 13.1</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="95">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">$ -</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="91">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">$ -</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">$ 13.1 </font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14" bgcolor="#ffffff">&nbsp;</td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ffffff">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="151">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Partnership Interests</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">8.6</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="95">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="91">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">8.6</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="151">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Preferred Equity</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">31.3</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="95">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="91">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">31.3</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14" bgcolor="#ffffff">&nbsp;</td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ffffff">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="151">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Common Equity</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">389.9</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="95">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">18.5</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="91">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">371.4</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>
            </tr>

            <tr style="HEIGHT: 13.8pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="151">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 19px" align="justify"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">Total Investments</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="82">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">$442.9</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in" valign="top" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="95">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">$18.5</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="91">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">$ -</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="FONT-SIZE: 9.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">$424.4</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14" bgcolor="#ffffff">&nbsp;</td>
            </tr>
        </table>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch">The following table provides a summary of changes in the fair value of investment assets and liabilities measured using Level 3 inputs during the three months ended September 30, 2009 (in millions):</p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="80%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="131">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="13">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Fair Value 6/30/2009</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Net Unrealized Appreciation (Depreciation)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Net New Investments (Divestitures)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Conversion of Security from Debt to Equity</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Fair Value 9/30/2009</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="131">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Debt</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$12.2</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$2.00</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$0.3</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$(1.3)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$13.2</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ffffff">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="131">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Partnership Interest</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">8.6</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">0.1</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">8.6</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="131">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Preferred Equity</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">17.3</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">5.1</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">8.2</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">1.3</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">31.9</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ffffff">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="131">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Common Equity</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">355.2</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">17.8</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">(2.3)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">370.7</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.8pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="131">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Total Investments</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$393.3</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$25.0</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$6.2</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$424.4</font></p>
                </td>
            </tr>
        </table>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">15</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p align="justify"><font face="Times New Roman, Times, serif">Notes to Consolidated Financial Statements<br>
        (continued</font>)</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The following table provides a summary of changes in the fair value of investment assets and liabilities measured using Level 3 inputs during the six months ended September 30, 2009 (in millions):</p>

        <p></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="80%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="126">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="17">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Fair Value 3/31/2009</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Net Unrealized Appreciation (Depreciation)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Net New Investments (Divestitures)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Conversion of Security from Debt to Equity</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Fair Value 9/30/2009</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="126">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Debt</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="17"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$8.3</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$5.0</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$1.2</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$(1.3)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$13.2</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ffffff">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="126">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Partnership Interest</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="17"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">6.7</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">-0.1</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">2.0</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">8.6</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="126">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Preferred Equity</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="17"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">16.4</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">6.0</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">8.2</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">1.3</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">31.9</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ffffff">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="126">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Common Equity</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="17"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">351.4</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">21.6</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">(2.3)</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1px solid" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">370.7</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.8pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="126">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">Total Investments</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="17"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="84">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$382.8</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="100">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$32.5</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$9.1</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$-</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 3pt double" valign="bottom" width="104">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right"><font style="COLOR: #000000" face="Times New Roman, Times, serif" size="2">$424.4</font></p>
                </td>
            </tr>
        </table>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We operate to qualify as a RIC under Subchapter M of the IRC. In order to qualify as a RIC, we must annually distribute at least 90% of our taxable ordinary income, based on our tax year, to our shareholders in a timely manner. Ordinary income includes net short-term capital gains but excludes net
        long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and long-term capital gains that are distributed to its shareholders, including &ldquo;deemed distributions&rdquo; discussed below. As permitted by the Code, a RIC can designate dividends paid in the subsequent tax year as dividends of current year ordinary income and net long-term gains if those dividends are both declared by the extended due date of the RIC&rsquo;s federal income
        tax return and paid to shareholders by the last day of the subsequent tax year. We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax fiscal years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in such year on all of our taxable income, regardless of whether we made any distributions to our shareholders. Additionally, we are also subject
        to a nondeductible federal excise tax of 4% if we do not distribute at least 98% of our investment company ordinary taxable income before the end of our tax year. We have a calendar tax year end of December 31. For the tax years ended December 31, 2008 and 2007, CSC and CSVC qualified to be taxed as RICs. We intend to meet the applicable qualifications to be taxed as a RIC in future years. Management feels it is probable that we will maintain our RIC status for a period longer than one
        year. However, either company&rsquo;s ability to meet certain portfolio diversification requirements of RICs in future years may not be controllable by such company.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">In addition, a RIC may elect to retain its long-term capital gains by designating them as a &ldquo;deemed distribution&rdquo; to its shareholders and paying a federal tax of 35% on the long-term capital gains for the benefit of its shareholders. Shareholders would then report their share of the retained
        capital gains on their income tax returns as if it had been received and report a tax credit for the tax paid on their behalf by the RIC. Shareholders then add the amount of the &ldquo;deemed distribution,&rdquo; net of such tax, to the basis of their shares.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;CSMC, a wholly owned subsidiary of CSC, is not a RIC and is required to pay taxes at the current corporate rate. CSC sponsors a qualified defined benefit pension plan which covers its employees and employees of certain of its wholly owned portfolio companies. Deferred taxes related to the
        qualified defined pension plan are recorded as incurred.</p>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">16</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p></p>

        <p></p>

        <p align="justify"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'"><font size="2"><font face="Times New Roman, Times, serif">Notes to Consolidated Financial Statements<br>
        (continued</font>)</font></font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-Based Compensation</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We recognize compensation cost over the straight-line method for all share-based payments granted on or after that date and for all awards granted to employees prior to April 1, 2006 that remain unvested on that date. The fair value of stock options are determined on the date of grant using the
        Black-Scholes pricing model and are expensed over the vesting period of the related stock options. Accordingly, for the quarter and six months ended September 30, 2009, we recognized compensation expense of $141,256 and $283,051, respectively.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee Stock Option Plan&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">On July 20, 2009, shareholders approved the Company&rsquo;s 2009 Stock Incentive Plan (the &ldquo;2009 Plan&rdquo;). The 2009 Plan was designed to grant stock options in the form of incentive stock options and non-statutory stock options to our employees. Additionally, the 2009 Plan allowed for the
        issuance of restricted stock and the participation of our non-employee directors. On July 7, 2009, prior to receiving shareholder approval, we submitted the 2009 Plan to the SEC requesting exemptions from certain provisions of the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) which prohibit the issuance of restricted stock and the participation of non-employee directors. On September 30, 2009, we withdrew our Application for an Order of Exemption. As such the 2009 Plan
        will be operated in a manner so as to comply with all provisions of the 1940 Act from which we have not received exemptive relief. The 2009 Plan as written provides for the granting of stock options to employees and officers of the Company and authorizes the issuance of common stock upon exercise of such options for up to 140,000 shares. All options are granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the
        first anniversary of the date of grant in five annual installments. As of September 30, 2009, there were no options granted from the 2009 Plan.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Company previously granted stock options under its 1999 Stock Option Plan (the &ldquo;1999 Plan&rdquo;), as approved by shareholders on July 19, 1999. The 1999 Plan expired on April 19, 2009. Options previously made under the Company&rsquo;s 1999 Stock Option Plan and outstanding on July 20, 2009
        continue in effect governed by provisions of the plan. All options granted under the 1999 Plan were granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five to ten annual installments.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">As of September 30, 2009, the total remaining unrecognized compensation cost related the 1999 Plan&rsquo;s non-vested stock options was $2,079,876, which will be amortized over the weighted-average service period of approximately 4.2 years. The following table summarizes the 1999 Plan price per option
        at grant date using the Black-Scholes pricing model:</p>

        <p></p>

        <p></p>

        <table style="MARGIN-LEFT: 0.4in" cellspacing="0" cellpadding="0" width="80%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="74">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14">&nbsp;</td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="324" colspan="7">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Black-Scholes Pricing Model Assumptions</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 52.8pt">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="120">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Date of Issuance</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Weighted Average Fair Value</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Expected Dividend Yield</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Risk-Free Interest Rate</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Expected Volatility</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">Expected Life (in years)</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">May 15, 2006</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">$ 31.28 </font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">0.64%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">5.08%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">21.1%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">7</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ffffff">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">July 17, 2006</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">$ 33.05 </font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">0.61%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">5.04%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">21.2%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">7</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">July 16, 2007</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">$ 41.78 </font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">0.39%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">4.95%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">19.9%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">5</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ffffff">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">July 21, 2008</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">$ 27.35 </font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">0.67%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">3.41%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">20.2%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">5</font></p>
                </td>
            </tr>

            <tr style="HEIGHT: 13.2pt" bgcolor="#ccdbe3">
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="120">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">July 30, 2008</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="74">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">$ 29.93 </font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">0.62%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="64">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">3.36%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="73">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">20.2%</font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="14"><font size="2">&nbsp;</font></td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="71">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">5</font></p>
                </td>
            </tr>
        </table>

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        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">17</font></a>
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        <p style="FONT-SIZE: 11.5pt; MARGIN: 0pt -1in 0pt 0.3in; TEXT-INDENT: -18px" align="justify">&nbsp;</p>

        <p align="justify"><font face="Times New Roman, Times, serif">Notes to Consolidated Financial Statements<br>
        (continued)</font></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The following table summarizes activity in the 1999 Plan as of September 30, 2009:</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="75%" border="0">
            <tr valign="bottom">
                <td align="left" width="527">
                </td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="152">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Number</font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="120">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Weighted-Average</font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="527">
                </td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="152">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">of shares</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="120">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Exercise Price</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left" width="527">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="22">
                </td>

                <td width="152">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td width="120">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="527"><font face="Times New Roman, Times, serif" size="2">Balance at March 31, 2009</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="152">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">107,900</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="120">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$114.78</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="527"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Granted</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="152">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="120">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="527"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Exercised</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="152">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="120">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="527"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Canceled</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="152">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="120">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="527"><font face="Times New Roman, Times, serif" size="2">Balance at September 30, 2009</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="22"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="152">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">107,900</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" width="120">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$114.78</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch">At September 30, 2009, the range of exercise prices and weighted-average remaining contractual life of outstanding options was $65.00 to $152.98 and 4.2 years, respectively. The number of options exercisable under the 1999 Plan, at September 30, 2009, was 35,960 with a weighted-average exercise price of $110.30. No
        options were exercised during the six months ended September 30, 2009.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of Per Share Information</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" width="51%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="2%">
                </td>

                <td align="right" width="1%">
                </td>

                <td colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Three Months Ended</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Six Months Ended</font></p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td align="left" width="51%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30</font></p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td align="left" width="51%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2008</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="7%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2008</font></p>
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="51%"><font face="Times New Roman, Times, serif" size="2">Investment income</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="7%"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; .28</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="7%"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; .35</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="7%"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; .60</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="7%"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;&nbsp; .68</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Operating expenses</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.17</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.22</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.37</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.39</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Interest expense</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Income taxes</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(.01</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(.02</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(.01</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(.02</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net investment income</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">.10</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">.11</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">.22</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">.27</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">Distributions from undistributed&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;net investment income</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.30</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.40</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.72</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net realized gain (loss) on investments</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">.49</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.01</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">.49</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.01</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">Net increase (decrease) in unrealized&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;appreciation of investments</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">7.22</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(8.28</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">9.96</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(8.35</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Treasury stock repurchase *</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">1.33</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">1.40</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Change in pension plan funded status</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(.07</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Stock option expense</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">.04</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">.04</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">.08</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">.06</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Increase (decrease) in net asset value</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">7.85</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(7.11</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">10.28</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(7.35</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ffffff" height="11">
                <td align="left" colspan="15">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net asset value:</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">113.41</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">149.85</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">110.98</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">150.09</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$121.26</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$142.74</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$121.26</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">$142.74</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="15"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at end of period&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000s omitted)</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">3,742</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">3,742</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">3,742</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">3,742</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr>
                <td align="left" colspan="8"><font face="Times New Roman, Times, serif" size="2">*&nbsp;&nbsp;&nbsp; Net increase is due to purchases of Common Stock at prices less than beginning period net asset value.</font></td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>
        </table>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingencies and Commitments</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="left">From time to time, the Company may be liable for claims against its portfolio companies. We do not believe the effects of such claims would have a material impact on our results of operations and financial condition.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="left">The Company has future commitments, subject to specific conditions, to invest up to $5,814,482 in seven portfolio companies.</p>

        <p></p>

        <div title="EE+ Page Footer" style="MARGIN-TOP: 12pt">
            &nbsp;
        </div>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">18</font></a>
        </div>

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            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p></p>

        <p></p>

        <p align="justify"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'"><font face="Times New Roman, Times, serif" size="2">Notes to Consolidated Financial Statements<br>
        (continued)</font></font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Authoritative Accounting Guidance</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">As discussed in Note 3 &ndash; Significant Accounting Policies, on July 1, 2009, the Accounting Standards Codification became FASB&rsquo;s officially recognized source of authoritative U.S. generally accepted accounting principles applicable to all public and non-public non-governmental entities,
        superseding existing FASB, AICPA, EITF and related literature. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. The switch to ASC affects the way companies refer to U.S. GAAP in financial statements and accounting policies. Citing particular content in the ASC involves specifying the unique numeric path to the content
        through the Topic, Subtopic, Section and Paragraph Structure.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><i>FASB ASC Topic 715, &ldquo;Compensation &ndash; Retirement Benefits.&rdquo;</i> New authoritative accounting guidance under ASC Topic 715, &ldquo;Compensation &ndash; Retirement Benefits,&rdquo; provides guidance related to an employer&rsquo;s disclosures about plan assets of defined benefit pension
        or other post-retirement benefit plans. Under ASC Topic 715, disclosures should provide users of financial statements with an understanding of how investment allocation decisions are made, the factors that are pertinent to an understanding of investment policies and strategies, the major categories of plan assets, the inputs and valuation techniques used to measure the fair value of plan assets, the effect of fair value measurements using unobservable inputs on changes in plan assets
        for the period and significant concentrations of risk within plan assets. The disclosures required by ASC Topic 715 will be included in our financial statements beginning with the financial statements for the year ended March 31, 2010.<font style="FONT-SIZE: 11.5pt; COLOR: #000000; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;&nbsp;</font></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">New authoritative accounting guidance (Accounting Standards Update No. 2009-5) under ASC Topic 820 provides guidance for measuring the fair value of a liability in circumstances in which a quoted price in an active market for the identical liability is not available. In such instances, a reporting
        entity is required to measure fair value utilizing a valuation technique that uses (i) the quoted price of the identical liability when traded as an asset, (ii) quoted prices for similar liabilities when traded as assets, or (iii) another valuation technique that is consistent with the existing principles of ASC Topic 820, such as an income approach or market approach. The new authoritative guidance also clarifies that when estimating the fair value of a liability, a reporting entity is
        not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of the liability. The foregoing new authoritative accounting guidance under ASC Topic 820 will be effective for our financial statements beginning October 1, 2009 and is not expected to have a significant impact on our financial statements.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Further new authoritative accounting guidance (Accounting Standards Update No. 2009-12) under ASC Topic 820 provides guidance for measuring the fair value of investments in certain entities that calculate net asset value per share or its equivalent; provided that the investment does not have a readily
        determined fair value and the net asset value is calculated in a manner that is consistent with ASC Topic 946, &ldquo;Financial Services &ndash; Investment Companies,&rdquo; as of the reporting entities measurement date, including the measurement of all or substantially all of the underlying investments of the investee in accordance with Topic 820. In such instances, a reporting entity is permitted to estimate the fair value of an investment using the net asset value per share. The
        disclosures required by ASU 2009-12 will be included in our financial statements beginning with the financial statements for the quarter ended December 31, 2009 and is not expected to have a significant impact on our financial statements.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">19</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p align="justify"><font face="Times New Roman"><font face="Times New Roman, Times, serif" size="2">Notes to Consolidated Financial Statements<br>
        (continued)</font></font></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"><i>FASB ASC Topic 855, &ldquo;Subsequent Events</i>.&rdquo; New authoritative accounting guidance under ASC Topic 855, &ldquo;Subsequent Events,&rdquo; establishes general standards of accounting for and disclosure events that occur after the balance sheet date but before the financial statements are
        issued or available to be issued. ASC Topic 855 defines (i) the period after the balance sheet date during which a reporting entity&rsquo;s management should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, (ii) the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and (iii) the disclosures an entity should make about events or
        transactions that occurred after the balance sheet date. The new guidance under ASC Topic 855 became effective for our financial statements for periods ending after June 15, 2009 and did not have a significant impact on our financial statements.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Company has evaluated all subsequent events through November 5, 2009, the date of the filing of this Form 10-Q.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">On October 19, 2009 the Board of Directors granted 38,750 stock options, under&nbsp;the 2009 Stock Incentive Plan, to the officers of the Company, at an exercise price of $76.74. All options granted under the 2009 Stock Incentive Plan were granted at or above market price, generally expire up to ten
        years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five installments.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Item 2. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The following discussion should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended March 31, 2009, included in the 2009 Form 10-K. Operating results for the three and six months ended September 30, 2009 are not necessarily indicative of the results
        for the year ended March 31, 2010 or any future period.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Forward-Looking Statements</i></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The information contained herein may contain &ldquo;forward-looking statements&rdquo; based on our current expectations, assumptions and estimates about us and our industry. These forward-looking statements involve risks and uncertainties. Words such as &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo;
        &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;could,&rdquo; &ldquo;continue&rdquo; and other similar expressions identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Our actual results could differ materially from those anticipated in
        the forward-looking statements as a result of several factors more fully described in &ldquo;Risk Factors&rdquo; and elsewhere in this Form 10-Q, and in our Form 10-K for the year ended March 31, 2009. The forward-looking statements made in this Form 10-Q related only to events as of the date on which the statements are made. We undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the
        future.</p>

        <p></p>

        <div title="EE+ Page Footer" style="MARGIN-TOP: 12pt">
            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center">&nbsp;</p>
        </div>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">20</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p align="justify"><font face="Times New Roman"><font face="Times New Roman, Times, serif" size="2">Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations<br>
        (continued)</font></font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Results of Operations</i></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Net asset value at September 30, 2009 was $453,700,894, equivalent to $121.26 per share. Assuming reinvestment of all dividends and tax credits on retained long-term capital gains, the September 30, 2009 net asset value reflects a decrease of 10.8% during the past twelve months.</p>

        <p align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="60%" align="center" border="0">
            <tr>
                <td align="left" width="277">
                </td>

                <td align="left" width="11">
                </td>

                <td align="left" width="4%">
                </td>

                <td width="85">
                    <p align="center"><font face="Times New Roman, Times, serif"><font size="2">September <font size="2">30</font>,</font></font></p>
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="4%">
                </td>

                <td width="85">
                    <p align="center"><font face="Times New Roman, Times, serif"><font size="2">September <font size="2">30</font>,</font></font></p>
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>
            </tr>

            <tr>
                <td align="left" width="277">
                </td>

                <td align="left" width="11">
                </td>

                <td align="left" width="4%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="4%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="85">
                    <p align="center"><font face="Times New Roman, Times, serif"><font size="2">2008</font></font></p>
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="277"><font face="Times New Roman, Times, serif" size="2">Net assets</font></td>

                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$453,700, 894</font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$534, 078,274</font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="277"><font face="Times New Roman, Times, serif" size="2">Shares outstanding</font></td>

                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,741,638</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">3,741, 638</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="277"><font face="Times New Roman, Times, serif" size="2">Net assets per share</font></td>

                <td align="left" width="11"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$121.26</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="85">
                    <p align="right"><font face="Times New Roman, Times, serif" size="2">$142.74</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The composite measure of our financial performance in the Consolidated Statements of Operations is captioned &ldquo;Increase (decrease) in net assets from operations&rdquo; and consists of three elements. The first is &ldquo;Net investment income,&rdquo; which is the difference between our income from
        interest, dividends and fees and our combined operating and interest expenses, net of applicable income taxes. The second element is &ldquo;Net realized gain (loss) on investments&rdquo;, which is the difference between the proceeds received from disposition of portfolio securities and their stated cost. The third element is the &ldquo;Net increase (decrease) in unrealized appreciation of investments,&rdquo; which is the net change in the market or fair value of our investment
        portfolio, compared with stated cost. It should be noted that the &ldquo;Net realized gain (loss) on investments&rdquo; and &ldquo;Net increase (decrease) in unrealized appreciation of investments&rdquo; are directly related in that when an appreciated portfolio security is sold to realize a gain, a corresponding decrease in net unrealized appreciation occurs by transferring the gain associated with the transaction from &ldquo;unrealized&rdquo; to &ldquo;realized.&rdquo; Conversely,
        when a loss is realized on a depreciated portfolio security, an increase in net unrealized appreciation occurs.<br>
        <br>
        </p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><em>Net Investment Income</em><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Interest income of $512,254 for the six months ended September 30, 2009 decreased from $677,023 for the six months ended September 30, 2008 as a result of lower interest rates, decrease in excess cash, and the sale of unrestricted marketable securities in October 2008. During the six months ended
        September 30, 2009 and 2008, we recorded dividend income from the following sources:<font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;&nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="60%" align="center" border="0">
            <tr>
                <td align="left" width="340">
                </td>

                <td align="left" width="5">
                </td>

                <td align="left" width="4%">
                </td>

                <td align="right" width="1%">
                </td>

                <td colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif"><font size="2">Six <font size="2">Months Ended</font>&nbsp;</font></font></p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td align="left" width="340">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="5">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif"><font size="2">September<font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;</font></font></font></p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td align="left" width="340">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="5">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="75">
                    <p align="center"><font face="Times New Roman, Times, serif"><font size="2">2009<font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;</font></font></font></p>
                </td>

                <td align="left" width="30">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="5">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="75">
                    <p align="center"><font face="Times New Roman, Times, serif"><font size="2">2008</font></font></p>
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">Alamo Group Inc.</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp; 339,636</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5">
                </td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp; 339,636</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">Dennis Tool Company</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">33,333</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">25,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">Encore Wire Corporation</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">163,470</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">163,470</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">Kimberly-Clark Corporation</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">89,529</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">PETsMart, Inc.</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">0</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">18,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">The RectorSeal Corporation</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">480,000</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">480,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">TCI Holdings, Inc.</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">40,635</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">40,635</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">The Whitmore Manufacturing Company</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">120,000</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="75"><font face="Times New Roman, Times, serif" size="2">120,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">Other</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="75"><font face="Times New Roman, Times, serif" size="2">20,528</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="75"><font face="Times New Roman, Times, serif" size="2">59,209</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="340"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="5"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="75"><font face="Times New Roman, Times, serif" size="2">$1,197,602</font></td>

                <td align="left" width="30"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="5">
                </td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="75"><font face="Times New Roman, Times, serif" size="2">$1,335,479</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in" align="justify"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">21</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p align="justify"><font face="Times New Roman"><font face="Times New Roman, Times, serif" size="2">Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations<br>
        (continued)</font></font>&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Net Realized Gain on Investments</i></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Net realized gains on investments for the six months ended September 30, 2009 totaled $1,846,516 before tax provisions while net realized losses on investments for the six months ended September 30, 2008 totaled $48,041.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">During the six months ended September 30, 2009, we sold all of our shares of Dennis Tool Company generating proceeds of $4,763,416, which does not include an additional $659,361 held in escrow; resulting in a net realize gain of $1,433,472 before tax provisions. In addition, we received $413,044 from
        Essex Capital Corporation representing a contingent payment in connection with a previous investment in Pharma Fab, Inc. that was written off in 2007.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Net Increase (Decrease) in Unrealized Appreciation of Investments</i></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Set forth in the following table are the significant increases and decreases in unrealized appreciation by portfolio company:</p>

        <p align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" width="380">
                </td>

                <td align="left" width="13">
                </td>

                <td align="left" width="2%">
                </td>

                <td align="right" width="1%">
                </td>

                <td colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Three Months Ended</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Six Months Ended&nbsp;</font></p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td align="left" width="380">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="13">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="4">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">September 30</font></p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td align="left" width="380">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="13">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="left" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2008</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2009</font></p>
                </td>

                <td align="left" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td align="right" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="90">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2008</font></p>
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="380"><font face="Times New Roman, Times, serif" size="2">Alamo Group Inc.</font></td>

                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">$11,321,200</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">$(11,321,200</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">$11,321,200</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">$(11,321,200</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="380"><font face="Times New Roman, Times, serif" size="2">All Components, Inc.</font></td>

                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">3,612,999</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(7,200,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">6,612,999</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(7,200,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="380"><font face="Times New Roman, Times, serif" size="2">Encore Wire Corporation</font></td>

                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">8,173,500</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(10,216,875</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">8,173,500</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">4,086,750</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="380"><font face="Times New Roman, Times, serif" size="2">Heelys, Inc.</font></td>

                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">1,490,769</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">3,820,097</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="380"><font face="Times New Roman, Times, serif" size="2">Media Recovery, Inc.</font></td>

                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(3,000,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(5,500,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(3,000,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(5,500,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="380"><font face="Times New Roman, Times, serif" size="2">Palm Harbor Homes, Inc.</font></td>

                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">3,927,561</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="380"><font face="Times New Roman, Times, serif" size="2">The RectorSeal Corporation</font></td>

                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(2,700,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">2,300,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(2,700,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">(12,700,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="380"><font face="Times New Roman, Times, serif" size="2">The Whitmore Manufacturing Company</font></td>

                <td align="left" width="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">2,400,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">2,400,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="90"><font face="Times New Roman, Times, serif" size="2">&ndash;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify"></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">During the six months ended September 30, 2009, the value of our investments in All Components, Inc. and The Whitmore Manufacturing Company increased by $6,612,999 and $2,400,000, respectively. The increase in All Components, Inc. is the result of debt reduction on its senior credit facility; while the
        increase in our value of Whitmore Manufacturing Company, Inc. is due to strong results. Additionally, our investments in Alamo Group, Inc., Encore Wire, Inc. and Heelys Inc. increased $11,321,200, $8,173,500 and $3,820,097, during the six months ended September 30, 2009, respectively, due primarily to the increases in their respective stock prices at September 30, 2009. Offsetting these increases were losses of $3,000,000 at Media Recovery, Inc. and $2,700,000 at The RectorSeal
        Corporation due to decreases in their respective sales caused by slowdowns in segments of their businesses.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"><em>Portfolio Investments</em>&nbsp;</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">During the quarter ended September 30, 2009, we made investments of $9,000,000 in new investments and $405,000 in existing portfolio companies.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We have agreed, subject to certain conditions, to invest up to $5,814,482 in seven portfolio companies.</p>

        <p></p>

        <p></p>

        <div title="EE+ Page Footer" style="MARGIN-TOP: 12pt">
            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="center">&nbsp;</p>
        </div>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">22</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'TMS RMN'" align="justify"><font style="FONT-SIZE: 11.5pt; FONT-FAMILY: 'TIMES NEW ROMAN'"><font size="2">Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations<br>
        (continued)</font>&nbsp;</font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Fi</i><i>nancial Liquidity and Capital Resources</i></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">At September 30, 2009, we had cash and cash equivalents of approximately $6.7 million. Pursuant to Small Business Administration (SBA) regulations, cash and cash equivalents of $4.9 million held by Capital Southwest Venture Corporation (CSVC) may not be transferred or advanced to us without the consent
        of the SBA. Under current SBA regulations and subject to the SBA&rsquo;s approval of its credit application, CSVC would be entitled to borrow up to $20.6 million. With the exception of a capital gain distribution made in the form of a distribution of the stock of a portfolio company in the fiscal year ended March 31, 1996, we have elected to retain all gains realized during the past 40 years. Retention of future gains is viewed as an important source of funds to sustain our investment
        activity. Approximately $18.6 million of our investment portfolio is represented by unrestricted publicly-traded securities, and represent a source of liquidity.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Funds to be used by us for operating or investment purposes may be transferred in the form of dividends, management fees or loans from The RectorSeal Corporation and The Whitmore Manufacturing Company, wholly-owned portfolio companies, to the extent of their available cash reserves and borrowing
        capacities.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Management believes that our cash and cash equivalents and cash available from other sources described above are adequate to meet our expected requirements. Consistent with our long-term strategy, the disposition of investments from time to time may also be an important source of funds for future
        investment activities.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Application of Critical Accounting Policies and Accounting Estimates</i></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">There have been no changes during the quarter ended September 30, 2009 to the critical accounting policies or the areas that involve the use of significant judgments and estimates we described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2009.&nbsp;</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Recent Developments</i></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">During the quarter ended September 30, 2009, we made investments of $9,000,000 in two new portfolio companies and investments of $405,000 in existing portfolio companies.<br>
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On October 19, 2009 the Board of Directors granted 38,750 stock options, under the 2009 Stock Incentive Plan, to the officers of the Company, at an exercise price of $76.74.&nbsp; All options granted under the 2009 Stock Incentive Plan were granted at or above market price, generally expire up to ten years from the date of grant and are generally exercisable on or after the first anniversary of the date
        of grant in five installments.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">On October 28, 2009 we announced that Ray Schwertner would be joining Capital Southwest Corporation as Vice President effective December 1, 2009 and that Jeffrey G. Peterson, while remaining Vice President at Capital Southwest Corporation, would be joining The Whitmore Manufacturing Company as its
        President and Chief Executive Officer, effective November 30, 2009.</p>

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        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Item 3. Quantitative and Qualitative Disclosure About Market Risk&nbsp;&nbsp;&nbsp;&nbsp;</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">&nbsp;We are subject to financial market risks, including changes in marketable equity security prices. We do not use derivative financial instruments to mitigate any of these risks.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Our investment performance is a function of our portfolio companies&rsquo; profitability, which may be affected by economic cycles, competitive forces, foreign currency fluctuations and production costs including labor rates, raw material prices and certain commodity prices. Most of the companies in our
        investment portfolio do not hedge their exposure to raw material and commodity price fluctuations. However, the portfolio company with the greatest exposure to foreign currency fluctuations generally hedges its exposure. All of these factors may have an adverse effect on the value of our investments and on our net asset value.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Our investment in portfolio securities includes fixed-rate debt securities which totaled $13,084,432 at September 30, 2009, equivalent to 3.0% of the value of our total investments. Generally, these debt securities are below investment grade and have relatively high fixed rates of interest; therefore,
        minor changes in market yields of publicly-traded debt securities have little or no effect on the values of debt securities in our portfolio and no effect on interest income. Our investments in debt securities are generally held to maturity and their fair values are determined on the basis of the terms of the debt security and the financial condition of the issuer.</p>

        <p></p>

        <p></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">A portion of our investment portfolio consists of debt and equity securities of private companies. We anticipate little or no effect on the values of these investments from modest changes in public market equity valuations. Should significant changes in market valuations of comparable publicly-owned
        companies occur, there may be a corresponding effect on valuations of private companies, which would affect the value and the amount and timing of proceeds eventually realized from these investments. A portion of our investment portfolio also consists of restricted common stock of publicly-owned companies. The fair values of these restricted securities are influenced by the nature of applicable resale restrictions, the underlying earnings and financial condition of the issuers of such
        restricted securities and the market valuations of comparable publicly-owned companies. A portion of our investment portfolio also consists of unrestricted, freely marketable common stock of publicly-owned companies. These freely marketable investments, which are valued at the public market price, are directly exposed to equity price risks in that a change in an issuer&rsquo;s public market equity price would result in an identical change in the fair value of our investment in such
        security.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Item 4. Controls and Procedures</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including the Chairman of the Board and President and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls
        and procedures (as defined in Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934). Based on that evaluation, the Chairman of the Board and President and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that the information required to be disclosed is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and is accumulated and communicated
        to management, including the Chairman of the Board and President and Chief Financial Officer, as appropriate, to allow timely decisions regarding such required disclosure.</p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">During the fiscal quarter ended September 30, 2009, there were no changes to the internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect our internal controls over financial reporting.</p>

        <p></p>

        <p></p>

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        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b><u>PART II. OTHER INFORMATION</u></b></p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Item 1. Legal Proceedings</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We are currently the subject of certain legal actions. In our judgment, none of the lawsuits currently pending against us, either individually or in the aggregate, is likely to have a material adverse effect on our business, results of operations, or financial position.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We, Capital Southwest Corporation and CSVC, have been named in a lawsuit filed on August 27, 2007 in the United States District Court of the Northern District of Texas, Dallas Division, against Heelys, Inc. and their Chief Executive Officer, Chief Financial Officer, the directors who signed their
        registration statement with the Securities and Exchange Commission in connection with their December 7, 2006 initial public offering (&ldquo;IPO&rdquo;), and their underwriters for the IPO. The complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933 and the plaintiffs are seeking compensatory damages in an unspecified amount, as well as reasonable costs and expenses incurred in the action, including counsel fees and expert fees. Similar suits were also filed in
        2007 and 2008 in the United States District Court of the Northern District of Texas making substantially similar allegations under Sections 11, 12 and 15 of the Securities Act of 1933, and seeking substantially similar damages.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">These lawsuits have been transferred to a single judge, and we expect that all the cases will be consolidated into a single action, with a consolidated complaint filed shortly thereafter. During a mediation conducted by the Hon. Nicholas H. Politan (ret.), Plaintiffs and Defendants reached a settlement
        pursuant to which Defendants agreed to institute certain corporate governance changes and to pay plaintiffs&rsquo; counsel attorneys&rsquo; fees and expenses of $1 million. Heelys, Inc. has also reached an agreement in principal with its insurers for their insurance policies to fund the majority of this settlement amount. This settlement is subject to final documentation and approval by the Court. Heelys, Inc. has submitted the proposed settlement to the Court for preliminary approval.
        On July&nbsp;31, 2009, the Court preliminarily approved the settlement and scheduled a final fairness hearing for November&nbsp;17, 2009 to consider final approval of the settlement.&nbsp; Prior to the final fairness hearing, notice of the settlement will be provided to shareholders, who will be provided an opportunity to object to the settlement or to opt out of the proposed settlement class.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Heelys, Inc., its former Chief Executive Officer, its former Chief Financial Officer, and its directors who signed the Company's registration statement filed with the Securities and Exchange Commission in connection with its December&nbsp;7, 2006 initial public offering (the "IPO")&mdash;along with us,
        Capital Southwest Corporation and CSVC, and the underwriters for the Heelys, Inc. IPO&mdash;are defendants in a lawsuit originally filed on May&nbsp;16, 2008 by individual shareholder Carl Dick in the County Court of Law No.&nbsp;1, Dallas County, Texas. This lawsuit asserts claims that are substantially similar to those asserted in the consolidated class action described above. The petition alleges violations of Sections&nbsp;11, 12(a)(2), and 15 of the Securities Act of 1933 and
        Sections&nbsp;33(A), (C), and (F)&nbsp;of the Texas Securities Act. Defendants withdrew their previously-filed special exceptions to Plaintiff&rsquo;s petition seeking to have all claims dismissed. Plaintiff and Defendants have agreed to settle this case for $5.3 million.&nbsp; Heelys, Inc. expects that its insurance policies will fund approximately $2.4 million of this amount, and they will fund the remainder.&nbsp; The settlement is subject to final documentation.</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Item 1A. Risk Factors</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">There have been no material changes to our risk factors disclosed in Item 1A, &ldquo;Risk Factors&rdquo;, in our Annual Report on Form 10-K for the fiscal year ended March 31, 2009.</p>

        <p></p>

        <p></p>

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        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission of Matters to a Vote of Security Holders</p>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Our Annual Meeting of Stockholders was held on July 20, 2009, with the following results of elections and approval:</p>

        <p align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" width="4%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="2%">
                </td>

                <td align="right" width="1%">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="7">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Votes Cast</font></p>
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr>
                <td align="left" width="4%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="2%">
                </td>

                <td align="right" width="1%">
                </td>

                <td align="right" width="72">
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Against/&nbsp;</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td width="8%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Abstentions/</font></p>
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr>
                <td align="left" width="4%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left" width="2%">
                </td>

                <td align="right" width="1%">
                </td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">For</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Withheld&nbsp;</font></p>
                </td>

                <td align="left" width="3%">
                </td>

                <td align="right" width="1%">
                </td>

                <td width="8%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Non-Votes</font></p>
                </td>

                <td align="left" width="2%">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">a.</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;The following Directors were elected to serve until</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="72">
                </td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="72">
                </td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="8%">
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;the next Annual Meeting of Stockholders:&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="462"><font face="Times New Roman, Times, serif" size="2">Donald W. Burton</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">3,300,051</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">49,503</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">392,084</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="462"><font face="Times New Roman, Times, serif" size="2">Graeme W. Henderson</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">3,290,427</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">59,127</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">392,084</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="462"><font face="Times New Roman, Times, serif" size="2">Samuel B. Ligon</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">3,297,285</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">52,269</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">392,084</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="462"><font face="Times New Roman, Times, serif" size="2">Gary L. Martin</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">3,287,635</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">61,919</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">392,084</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="26"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="462"><font face="Times New Roman, Times, serif" size="2">John H. Wilson</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">3,296,057</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">53,497</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">392,084</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">
                </td>

                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="7">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Votes Cast</font></p>
                </td>

                <td align="left">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="72">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Against/&nbsp;</font></p>
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Abstentions/</font></p>
                </td>

                <td align="left">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">For</font></p>
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Withheld&nbsp;</font></p>
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Non-Votes</font></p>
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">b.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;Capital Southwest Corporation 2009 Stock</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="72">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="72">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;Incentive Plan was approved.</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">2,624,761</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">724,793</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">392,084</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">
                </td>

                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" colspan="7">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Votes Cast</font></p>
                </td>

                <td align="left">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="72">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Against/&nbsp;</font></p>
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Abstentions/</font></p>
                </td>

                <td align="left">
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="2">
                </td>

                <td align="left" width="10">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right" width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">For</font></p>
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Withheld</font></p>
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">Non-Votes</font></p>
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">c.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;Grant Thornton LLP was approved as our</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="72">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="72">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="13"><font face="Times New Roman, Times, serif" size="2">&nbsp;independent registered accounting firm for&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;the 2010 fiscal year.</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">3,337,854</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="72">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">11,700</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">392,084</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</p>

        <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
            <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"></p>

            <table cellspacing="0" cellpadding="0" width="95%" border="0">
                <tr valign="bottom">
                    <td align="left" width="1"><font face="Times New Roman, Times, serif" size="2">(a)</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td align="left" width="97%"><font face="Times New Roman, Times, serif" size="2">Exhibits</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
                </tr>

                <tr valign="bottom">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td colspan="3">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">Exhibit 31.1- Certification of Chairman of the Board and President required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), filed herewith.&nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left" colspan="3">&nbsp;</td>
                </tr>

                <tr valign="bottom">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2">Exhibit 31.2- Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act, filed herewith.&nbsp;&nbsp;</font></td>
                </tr>

                <tr>
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td colspan="3">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">Exhibit 32.1- Certification of Chairman of the Board and President required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.&nbsp;&nbsp;</font></p>
                    </td>
                </tr>

                <tr>
                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>

                    <td align="left">&nbsp;</td>

                    <td align="left">
                    </td>

                    <td align="left">
                    </td>
                </tr>

                <tr valign="bottom">
                    <td align="left">
                    </td>

                    <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                    <td colspan="3">
                        <p align="justify"><font face="Times New Roman, Times, serif" size="2">Exhibit 32.2- Certification of Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, furnished herewith.&nbsp;&nbsp;</font></p>
                    </td>
                </tr>
            </table>
            <br>
            <br>
        </blockquote>

        <p></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">26</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p title="PAGENUM" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" align="center">SIGNATURES</p>

        <p title="PAGENUM" style="MARGIN-TOP: 12pt" align="left"></p>

        <p title="PAGENUM" style="MARGIN-TOP: 12pt" align="left"></p>

        <p title="PAGENUM" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p>

        <p title="PAGENUM" style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="45">
                </td>

                <td align="left" width="202">
                </td>

                <td align="left" width="211"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2">CAPITAL SOUTHWEST CORPORATION&nbsp;&nbsp;</font></td>
            </tr>

            <tr>
                <td width="45">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">&nbsp;</td>
            </tr>

            <tr>
                <td width="45">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="45">
                </td>

                <td align="left" width="202">
                </td>

                <td align="left" width="211"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="280"><font face="Times New Roman, Times, serif" size="2">/s/ Gary L. Martin</font></td>

                <td align="left" width="0" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="45"><font size="2"><font face="Times New Roman, Times, serif">Date:</font> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="202">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">November 5, 2009</font></p>
                </td>

                <td align="left" width="211"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;By:</font></td>

                <td align="left" colspan="2"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="185"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="45">
                </td>

                <td align="left" width="202">
                </td>

                <td align="left" width="211"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2">Gary L. Martin, Chairman of the Board and President&nbsp;&nbsp;</font></td>
            </tr>

            <tr>
                <td width="45">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">&nbsp;</td>
            </tr>

            <tr>
                <td width="45">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">&nbsp;</td>
            </tr>

            <tr>
                <td width="45">
                </td>

                <td colspan="3">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" colspan="2"><font size="2"><font face="Times New Roman, Times, serif">/s/ Tracy L. Morris</font></font></td>

                <td width="185">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="45"><font size="2"><font face="Times New Roman, Times, serif">Date:</font> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="202">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">November 5, 2009</font></p>
                </td>

                <td align="left" width="211"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;By:</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="45">
                </td>

                <td align="left" width="202">
                </td>

                <td align="left" width="211"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2">Tracy L. Morris, Chief Financial Officer&nbsp;&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p title="PAGENUM" style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p title="PAGENUM" style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p title="PAGENUM" style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><a name="PAGENUM"><font face="Times New Roman" size="2">27</font></a></p>

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            <hr width="100%" color="#000000" size="2">
        </div>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>cswc10qex311093009.htm
<TEXT>
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    <body style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Times New Roman'">
        <p align="right">Exhibit 31.1</p>

        <p title="EE+ Page Header" align="center"><b>CERTIFICATIONS</b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" colspan="9"><font size="2">I, Gary L. Martin, Chairman of the Board and President of Capital Southwest Corporation, certify that:</font></td>
            </tr>

            <tr>
                <td align="left" width="4">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="4"><font face="Times New Roman" size="2">1.</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="6"><font face="Times New Roman" size="2">I have reviewed this quarterly report on Form 10-Q of Capital Southwest Corporation (the &ldquo;registrant&rdquo;);&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">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 and cash flows of the registrant as of, and for, the periods presented in this report;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="17">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="17"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="17">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="17"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="17">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">c)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="17"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="17">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">d)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="17"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">5.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="17">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="17"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" width="17">
                </td>

                <td align="left" colspan="3">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="17"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="3">
                    <p align="justify"><font face="Times New Roman" size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.&nbsp;&nbsp;</font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="181"><font face="Times New Roman" size="2">Date: <u>November 5, 2009</u></font></td>

                <td align="left" width="289"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="40"><font face="Times New Roman" size="2">&nbsp;By:</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="280"><font face="Times New Roman" size="2">&nbsp;/s/ Gary L. Martin</font></td>

                <td align="left" width="153"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="181">
                </td>

                <td align="left" width="289"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="40"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Gary L. Martin, Chairman of the Board and President&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>cswc10qex312093009.htm
<TEXT>
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        <title></title>
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    <body style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Times New Roman'">
        <p title="EE+ Page Header" style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 31.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>CERTIFICATIONS</b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td align="left" colspan="9"><font size="2">I, Tracy L. Morris, Chief Financial Officer of Capital Southwest Corporation, certify that:</font></td>
            </tr>

            <tr>
                <td align="left" width="4">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" width="1%">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="4"><font face="Times New Roman" size="2">1.</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="6"><font face="Times New Roman" size="2">I have reviewed this quarterly report on Form 10-Q of Capital Southwest Corporation (the &ldquo;registrant&rdquo;);&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="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;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">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 and cash flows of the registrant as of, and for, the periods presented in this report;&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="justify"><font face="Times New Roman" size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="justify"><font face="Times New Roman" size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">c)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="justify"><font face="Times New Roman" size="2">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">d)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="justify"><font face="Times New Roman" size="2">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left" colspan="6">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">5.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td colspan="6">
                    <p align="justify"><font face="Times New Roman" size="2">The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):&nbsp;&nbsp;</font></p>
                </td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="justify"><font face="Times New Roman" size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="justify"><font face="Times New Roman" size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>
        <br>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="44"><font face="Times New Roman" size="2">Date: </font></td>

                <td align="left" width="452"><font face="Times New Roman" size="2">&nbsp;<u>November 5, 2009</u></font></td>

                <td align="left" width="33"><font face="Times New Roman" size="2">&nbsp;By: </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="218"><font face="Times New Roman" size="2">/s/ Tracy L. Morris</font></td>

                <td align="left" width="196"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="44">
                </td>

                <td align="left" width="452"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="33"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Tracy L. Morris, Chief Financial Officer&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>cswc10qex321093009.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Times New Roman'">
        <p title="EE+ Page Header" style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 32.1</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>Certification of</b> <b>Chairman of the Board</b> <b>and</b> <b>President</b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code</b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">I, Gary L. Martin, Chairman of the Board and President of Capital Southwest Corporation, certify that, to my knowledge:</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td valign="top" align="left" width="1"><font face="Times New Roman" size="2">1.</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="97%">
                    <p align="justify"><font face="Times New Roman" size="2">the Form 10-Q, filed with the Securities and Exchange Commission on November 5, 2009 (&ldquo;accompanied report&rdquo;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="justify"><font face="Times New Roman" size="2">the information contained in the accompanied report fairly presents, in all material respects, the consolidated financial condition and results of operations of Capital Southwest Corporation.</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="181"><font face="Times New Roman" size="2">Date: <u>November 5, 2009</u></font></td>

                <td align="left" width="300"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="38"><font face="Times New Roman" size="2">&nbsp;By:</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="287"><font face="Times New Roman" size="2">&nbsp;/s/ Gary L. Martin</font></td>

                <td align="left" width="137"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="181">
                </td>

                <td align="left" width="300"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="38"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Gary L. Martin, Chairman of the Board and President&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p>&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>cswc10qex322093009.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 'Times New Roman'">
        <p title="EE+ Page Header" style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 32.2</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>Certification of</b> <b>Chief Financial Officer</b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code</b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">I, Tracy L. Morris, Chief Financial Officer of Capital Southwest Corporation, certify that, to my knowledge:</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td valign="top" align="left" width="1"><font face="Times New Roman" size="2">1.</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td width="97%">
                    <p align="justify"><font face="Times New Roman" size="2">the Form 10-Q, filed with the Securities and Exchange Commission on November 5, 2009 (&ldquo;accompanied report&rdquo;) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>
                </td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td valign="top" align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom">
                <td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                    <p align="justify"><font face="Times New Roman" size="2">the information contained in the accompanied report fairly presents, in all material respects, the consolidated financial condition and results of operations of Capital Southwest Corporation.</font></p>
                </td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="44"><font face="Times New Roman" size="2">Date: </font></td>

                <td align="left" width="447"><font face="Times New Roman" size="2">&nbsp;<u>November 5, 2009</u></font></td>

                <td align="left" width="38"><font face="Times New Roman" size="2">&nbsp;By: </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="left" width="213"><font face="Times New Roman" size="2">/s/ Tracy L. Morris</font></td>

                <td align="left" width="201"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="44">
                </td>

                <td align="left" width="447"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="38"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" colspan="2"><font face="Times New Roman" size="2">Tracy L. Morris, Chief Financial Officer&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p style="MARGIN-LEFT: 0.4in" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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